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  "documentTitle": "Solvay SA (SOLB BB)",
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  "authorName": "David Einhorn",
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      "text": "Over a longer time, soda ash demand has grown with GDP. It is likely to grow above trend going forward, given soda ash's importance to renewable energy and EV batteries. Each ton of lithium produced requires approximately two tons of soda ash.",
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      "text": "COVID had a significant impact. Demand slowed down a bit in 2020, which drove industry utilization from 87% to under 80%. It takes years for new supply to come online, so COVID also derailed capacity additions for several years.",
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      "text": "Source: J.P. Morgan Europe Equity Research, WE Soda June 7, 2023.",
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