Specialty chemicals company Albemarle Corp.'s stock surged to a new 52-week closing high on Thursday, and was the day's best performer in the S&P 500.

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 shares closed up 16.3% at $215.62 on Thursday, notching its highest close since July 21, 2023, when it closed at $215.99, according to Dow Jones Market Data. Shares traded as high as $215.71 intraday, up 16.4%.

The stock is up 20% this month, 52% year to date, and nearly 308% over the past 12 months. The S&P 500 index, in comparison, is up 2.9% year to date.

Shares of fellow lithium mining company Lithium Americas closed up 6.2% at $4.87. Its stock is up 11.7% this year and 82% over the past 12 months.

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.