Charlotte, N.C., USA-based Albemarle Corp., the world’s leading lithium producer, reported strong results for 2022 and revised its 5-year plan.

Last year, lithium prices increased more than 147% to finish the year at more than $40/lb.

“We delivered record results in 2022, exceeding our previous projections, and our updated outlook and long-term targets reflect further growth acceleration,” said Albemarle CEO Kent Masters.

Albemarle full-year 2023 guidance and 2027 long-term financial targets reflect the company’s new segment structure, energy storage (batteries), specialties, and Ketjen’s catalysts. The company projects accelerated growth in revenue and EBITDA based on expanded capacity, strategic contracting agreements, ongoing efficiency improvements and innovation in products and processes.

The company’s preliminary numbers indicate 2022 net sales of $7.30-$7.35 billion, compared to $3.3 billion in 2021. The current guidance for 2023 is $11.3-$12.9 billion. For the next five years, Albemarle is projecting compounded annual growth rate for its energy storage segment of 25%-27%.