With the rise of innovative technology, particularly in the area of electric battery energy, enterprising investors are increasingly looking to lithium stocks to capitalize on growing trends. The vast majority of lithium is used as an essential component in the production of lithium-ion batteries which are the go-to energy storage system in consumer electronics, electric vehicles, and renewable energy systems.
The biggest stakeholders in the lithium production industry have experienced both rapid growth and a rapid shift in industry power over the last years. But with lithium’s growing importance as an energy storage medium and its role in the new wave of tech and electric vehicle production, which stocks in particular have the most potential as we look ahead to 2023?
In no particular order, the top 7 lithium stocks of 2023 are:
1. Albemarle Corporation (ALB) – This leading producer of lithium and bromine chemicals is expanding its production facilities in the U.S. and Chile. It already produces battery-grade lithium carbonate and has plans to increase production capacity of both lithium and bromine. Albemarle is also working on renewable, carbon-neutral lithium extraction projects.
2. SQM (SQM) – This Chilean based company is the world’s largest producer of lithium, potash, and iodine chemicals and produces a mark of lithium that commands a premium on the global market. The company is looking to expand production operations in the U.S. and Asia and it anticipates producing 60,000 metric tons of lithium carbonate in 2023.
3. FMC Corporation (FMC) – This company operates primarily in agriculture, but it is also a large producer of lithium. It currently produces battery-grade lithium carbonate in Argentina and Chile, but is looking to expand its technical and independent research capabilities to make it an even bigger player in 2023.
4. Orocobre (ORL) – This Australian based lithium producer is looking to expand production in its primary United States and Argentina operations in 2023. The company is currently investing in a new lithium facility in Japan and plans to nearly double its intake of lithium carbonate production.
5. Livent Corporation (LTHM) – Livent focuses exclusively on lithium production, extraction, and refining. The company is ramping up its production capabilities in South America and is also looking into new lithium-ion battery technologies.
6. Lithium Americas (LAC) – This Canadian producer is primarily focused on mining lithium from the Argentinian salar, or salt flat. The company recently announced that it successfully produced its first battery-grade lithium carbonate and plans to increase production for 2023.
7. Neo Performance Materials (NEO.TO) – Headquartered in Canada, Neo produces a number of battery-grade materials, lithium being one of them. The company is currently looking to increase its production sidewide and anticipates 2023’s production of lithium carbonate to surpass 2022’s output.
For those looking to invest in lithium stocks in the booming lithium energy market, these seven companies are certainly worth investigating further. Each has plans to expand production and capabilities over the next two years, making them some of the most important and far-reaching players in the lithium energy sphere.
