TETRA Technologies Inc. (NYSE: TTI) announced its board of directors has conditionally approved the final investment decision for a bromine production facility near Stamps, Arkansas. The approval is subject to the company finalizing financing for the project, called the Evergreen Project.

The facility requires approximately $220 million in remaining capital expenditures, which will be funded over two years through cash from operations, credit facility borrowings and other financing sources. The company expects the facility to generate a net present value of $607 million using a 10% discount rate.

Initial bromine production volumes are expected to be 25% above the company's long-term third-party supply agreement. TETRA plans to double initial production rates over time to reach the facility's nameplate capacity. First production is anticipated in early 2028.

TETRA owns mineral rights to approximately 40,000 acres of brine leases in Southwest Arkansas, containing 744 kilotons of proven and probable bromine reserves in the Evergreen Unit and measured and indicated bromine resources of 3.57 million tons across all company acreage.

Phase 1 of construction, including site preparation, power infrastructure and bromine tower installation, was completed in December 2025. Phase 2 is underway with mechanical completion targeted by the end of 2026. The entire facility is expected to be operational by the end of 2027.

The global bromine market is estimated at approximately $2.3 billion in 2026, with over 50% of global supply originating in the Middle East. TETRA's bromine demand is forecast to increase by over 50% by 2030.