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3 battery stocks to make you the millionaire next door

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Major battery stocks will stand out as demand for electric vehicles accelerates.

According to the International Energy Agency, around one in five cars worldwide will be electric this year. Of course, this will also have a huge impact on the demand for EV batteries.

In fact, according to Fortune Business Insights, the global electric vehicle battery market could reach around $98.9 billion by 2029, up from $37.9 billion in 2021. All of this could be beneficial for these three stocks of batteries.

ALB Albemarle $216.07
SLDP Solid power $2.29
BATTERY Amplify Lithium & Battery Technology ETFs $12.42

Albemarle (ALB)

Albemarle (ALB) logo on the screen of a mobile phone

Source: IgorGolovniov/Shutterstock.com

One of the best ways to invest in the EV battery boom is through lithium stocks, like Albemarle (NYSE:ALB).

For one thing, the company said it would invest $1.3 billion in its new lithium hydroxide plant in South Carolina to help meet battery demand.

Second, the company expects the site to produce approximately 50,000 metric tons of battery-grade lithium, with the potential to double production.

Third, this production could help produce 2.4 million electric vehicles each year.

Fueling even further to the upside, lithium prices are on the mend. Even Citigroup analysts just said the lithium price crash is likely over and prices could rebound up to 40% by the end of the year.

Even better, Albemarle is now working with Ford. It will supply battery-grade lithium hydroxide for that company’s electric vehicles.

Albemarle will supply more than 100,000 metric tons of battery-grade lithium hydroxide for approximately 3 million future Ford EV batteries. The five-year supply agreement begins in 2026 and runs through 2030.

Solid Power (SLDP)

Smartphone with logo of American battery company Solid Power Inc. on screen in front of company website.  Focus on the center left of the phone screen.

Source: T.Schneider / Shutterstock.com

Its graphic may be ugly but don’t erase it Solid power (NASDAQ:SLDP) for real. For one, Needham analysts have just restored its Buy rating, with a price target of $5. Additionally, the company added that SLDP is a “well-funded call option.”

Solid Power is also working to expand its relationship with BMW (OTCMKTS: BMWYY) under a joint development agreement. The deal saw the company post $3.8 million in revenue in the first quarter of 2023, up $1.6 million year-over-year.

Additionally, the company achieved two key milestones this year. Investors expect the company to report an improvement in cell key performance indicators. It is also expected to deliver EV cells to its partners by the end of 2023.

Amplify Lithium & Battery Technology ETF (BATT)

A pile of used industrial batteries stacked on top of each other.

Source: Panidchapon22 / Shutterstock.com

With an expenditure rate of 0.59%, the Amplify Lithium & Battery Technology ETFs (NYSEARC:BATTERY) provides exposure to global companies associated with lithium battery technology.

With lithium prices on the mend, so is the BATT ETF. In fact, as lithium has risen aggressively, the BATT ETF has gone from a low rent of $11.60 to $12.59 per share. From here, I’d like to see the BATT ETF retest $14 per share.

At the date of publication, Ian Cooper had (neither directly nor indirectly) any position in the securities mentioned. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.

InvestorPlace.com contributor Ian Cooper has been analyzing stocks and options for online reviews since 1999.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
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