By Janet H. Cho

Specialty chemicals company Albemarle Corp.'s stock is surging in early afternoon trading, and is on the verge of a multiyear breakout.

Albemarle, as the world's largest lithium supplier, is benefiting from soaring demand for the materials used in electric vehicle batteries and energy-storage systems.

Albemarle's shares were up about 14%, to $211 in early-afternoon trading on Wednesday, leading the stocks gaining in the S&P 500. The stock is up about 50% this year and about 300% over the past 12 months. The S&P 500 index, in comparison, is up 2.7% year to date.

The stock is on pace for its highest close since July 31, 2023, when it closed at $212.28, according to Dow Jones Market Data. Shares have traded as high as 13.91% intraday. It is also tracking for its largest percentage increase since April 9, 2025, when it rose 19.1%.

Shares of fellow lithium mining company Lithium Americas are also up on Thursday, rising 5.4% at $6.63.

Battery-grade lithium carbonate prices have rebounded from a recent trough, trading around $23,050 a metric ton, according to Dow Jones Market Data, citing Benchmark Mineral Intelligence. That compares with its June 2025 average of $8,475 a metric ton.

The spike in demand for lithium-ion batteries for EVs and the rapid expansion of grid-scale storage has spurred Albemarle to project that lithium demand will grow 15% to 40% this year. The company has also touted aggressive cost-cutting initiatives that it said could deliver up to $150 million in productivity improvements this year.

Albemarle, based in Charlotte, N.C., is scheduled to report first-quarter earnings results on May 6, followed by a conference call to discuss results on May 7.

Write to Janet H. Cho at janet.cho@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 16, 2026 15:23 ET (19:23 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.