Livent Merges With Allkem to Become Arcadium Lithium -- Is the Stock a Top Buy for 2024?
The element lithium has had a resurgence in public awareness -- and investment popularity. Originally, it was an ingredient in pharmaceuticals and later an additive used in all sorts of manufacturing. lithium-ion batteries have begun riding around in our pockets over the last two decades, thanks to the smartphone industry. Now, a great deal of work is being done to apply that same battery technology to electric vehicles (EVs) and the energy grid to help make global energy consumption more efficient.
Lots of new lithium projects have been fired up in the last few years to meet this growing demand from EVs and other big battery applications. Two companies just merged to create a new leader in the lithium market: Arcadium Lithium (NYSE: ALTM).
On Jan. 4, 2024, the product of the tie-up between Australian lithium mining company Allkem (OTC: OROCF) and U.S. lithium refining outfit Livent (NYSE: LTHM) will move up the ranks as one of the largest lithium suppliers around.
Source Fool.com
