Century Aluminum Company (NASDAQ: CENX) is currently observing a notable increase of 5.18% as per the latest assessment today, with its trading value holding steady at $13.90. The catalyst behind this remarkable surge in CENX shares appears to stem from the disclosure of its selection for a significant investment by a Federal department.
With the Bipartisan Infrastructure Law and Inflation Reduction Act, Century Aluminum (CENX) has been selected as a candidate for $500 million in funding under the Department of Energy’s (“DOE”) Office of Clean Energy Demonstrations. For the construction of a new aluminum smelter, this funding is designated as part of the Industrial Demonstrations Program (“IDP”).
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Among 33 initiatives spanning more than 20 states, the Green Aluminum Smelter Project has received funding. Through these initiatives, decarbonization strategies will be demonstrated that work on a commercial scale and are essential for achieving net-zero emissions in energy-intensive sectors. In addition, they aim to create and sustain high-quality jobs, reduce greenhouse gas emissions, and boost local economies.
By using these funds, the company plans to build the first primary aluminum smelter in forty-five years. Once the smelter is complete, the United States’ primary aluminum industry will have essentially quadrupled its capacity.
This landmark investment signifies a substantial capital influx into the U.S. primary aluminum sector. The Project is poised to fortify domestic supply chains for materials vital to the green energy transition, such as electric vehicles, renewable energy generation and storage, construction, and sustainable packaging.
Securing such significant backing from the DOE for Century Aluminum’s Green Aluminum Smelter Project underscores the company’s commitment to advancing this transformative initiative. The Project encapsulates numerous objectives and aspirations shared by all stakeholders, promising substantial benefits to the domestic primary aluminum industry and the broader U.S. economy.
Century Aluminum envisions erecting this new smelter within the Ohio/Mississippi River Basins. It is projected to generate over 1,000 permanent positions, endorsed by the United Steelworkers, along with more than 5,500 construction jobs. Century intends to collaborate with vocational training entities and local technical colleges to recruit and train personnel from the vicinity of the smelter site.
