10 High Growth Lithium Stocks to Invest In

5. Ultralife Corporation (NASDAQ:ULBI)

5-Year Revenue CAGR: 13.54%

Average Price Target Upside: 55.56%

Number of Hedge Fund Holders: 11

Ultralife Corporation (NASDAQ:ULBI) provides a range of power solutions, communications, and electronics systems to global customers in government, defense, and commercial sectors.

It manufactures a wide range of non-rechargeable and rechargeable batteries, with a focus on lithium-based technologies. Non-rechargeable batteries, such as Lithium Manganese Dioxide, offer advantages like longer shelf life, stable voltage, and lighter weight compared to traditional alkaline batteries.

In the rechargeable market, Ultralife (NASDAQ:ULBI) sells lithium-ion batteries, which are known for their high energy density and long cycle life, making them suitable for portable electronics and military equipment. It also provides battery charging systems and accessories, including multi-kilowatt lithium-ion battery modules for energy storage and backup power.

On September 30, the company announced that it is further expanding its portfolio with the acquisition of Electrochem Solutions, Inc. for $50 million in cash from Integer Holdings Corporation, with the deal expected to close by the end of October 2024. Electrochem is based in Raynham, Massachusetts, and specializes in primary lithium metal and ultracapacitor cells, as well as battery packs for several industries including energy and military applications. The acquisition is expected to improve Ultralife’s (NASDAQ:ULBI) growth and operational efficiency by using Electrochem’s technology, customer base, and manufacturing capabilities.

The company’s CEO, Mike Manna, emphasized that this acquisition aligns with their strategy to scale operations, expand product offerings, and improve profit margins through synergies and vertical integration. The deal also provides access to new markets and strengthens its competitive position.