Albemarle (ALB) gains on strong demand and higher prices in its lithium business and actions to boost its global lithium conversion capacity amid headwinds in the United States and Europe.
ALB is also being pushed to join European companies as key players ahead of higher prices for the lithium of its products, a move backed by stronger demand for lithium used in its lithium battery and similar developments at German and American companies.ALB’s strategic aims were more than the promise of an alternative lithium battery to battery-powered vehicles.ALB aims to be the future of lithium-based technologies in the automotive and aerospace sectors.
ALB is investing in higher volumes of its lithium batteries to boost the range of its vehicles such as electric vehicles, hybrid and electric cars, because of lower costs than conventional batteries. It does not make the transition between batteries and hybrid vehicles.
ALB has always been interested in the development of new lithium-based products. It has made a commitment to develop its lithium battery as a power product and said this week that it is looking to develop new lithium batteries as fast as the technology works and as strong as the technology is.
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