Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Warren Buffett Dives into Lithium: New Venture with Occidental Petroleum

theguru Views  

Warren Buffett announced a partnership with Occidental Petroleum, the largest oil and gas company in the U.S., to produce battery-grade lithium. This move was made due to their shared interest in battery-grade minerals.

On the 5, BHE Renewables signed an agreement to partner with Occidental Petroleum to extract battery-grade lithium from geothermal brine. BHE Renewables is a subsidiary of Berkshire Hathaway Inc., led by Warren Buffett, which is responsible for the energy business.

The newly established joint venture plans to construct, own, and operate a commercial-grade lithium production plant to supply the rapidly growing electric vehicle battery market. BHE Renewables will utilize direct lithium extraction technology in the Imperial Valley of California, located 155 miles east of San Diego. BHE Renewables operates 10 geothermal power plants, producing 345MW of clean energy by processing 50,193 gallons of lithium-rich brine per minute.

Richard Jackson, President of Occidental Petroleum’s Onshore Resources and Carbon Management, noted, “By combining Occidental Petroleum’s expertise in processing natural resources and brine management and BHE Renewables’ extensive knowledge of geothermal operations, we are optimistic about producing a more sustainable form of lithium.” As the U.S. and European governments encourage using electric vehicles to reduce fossil fuel consumption, major oil companies are also expanding their business into the battery sector.

Similarly, Exxon Mobil purchased a site in Arkansas last year potentially for lithium production. Its Canadian subsidiary, Imperial Oil, also cooperates with E3 Lithium to extract lithium from depleted oil fields in Alberta. Exxon Mobil aims to start lithium production from underground oil fields by 2027.

European oil corporations BP and Shell are investing in electric vehicle charging stations for their energy transition strategy.

theguru
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Honda's NSX Returns: A 1,000-Horsepower Electric Rival to Lexus LFR
  • Honda’s S7 Electric SUV: A Major Player in the Race for EV Dominance
  • Lamborghini's First EV: A 2,000-Horsepower Beast Built for Speed and Emotion
  • Ford Revives Classic Design with the 2025 Bronco Heritage Edition
  • ID.EVERY1: Volkswagen's $21K Electric Vehicle Aims to Make Green Driving Accessible
  • Toyota’s bZ3X SUV Surges with 10,000 Pre-Orders: A New Era in EVs

You May Also Like

  • 1
    This Study Says Winter-Conceived Babies May Grow Up Leaner—Here’s Why

    LIFESTYLE 

  • 2
    Harvard Reveals 7 Easy Chair Exercises That Are Surprisingly Powerful for Seniors

    LIFESTYLE 

  • 3
    Spring Is Here, So Why Are You Exhausted and Anxious?

    LIFESTYLE 

  • 4
    Why Cancer Risk Soars After a Type 2 Diabetes Diagnosis—Even Without Obesity

    LIFESTYLE 

  • 5
    Dark Red vs. Bright Red: How to Spot Colon Cancer Early

    LIFESTYLE 

Popular Now

  • 1
    Is 'Bad' Cholesterol Messing with Your Brain? New Study Says Yes

    LIFESTYLE 

  • 2
    New Study Finds Coffee Supercharges Good Gut Bacteria — Even Decaf

    LIFESTYLE 

  • 3
    Powder, Liquid, or Bar? Here's the Best Protein for Your Fitness Goals

    LIFESTYLE 

  • 4
    Your Pillow Is 17 Times Dirtier Than a Toilet Seat—the Gross Truth

    LIFESTYLE 

  • 5
    Your Blood Pressure Could Be a Time Bomb—Here’s What You Need to Know

    LIFESTYLE 

Must-Reads

  • 1
    This Study Says Winter-Conceived Babies May Grow Up Leaner—Here’s Why

    LIFESTYLE 

  • 2
    Harvard Reveals 7 Easy Chair Exercises That Are Surprisingly Powerful for Seniors

    LIFESTYLE 

  • 3
    Spring Is Here, So Why Are You Exhausted and Anxious?

    LIFESTYLE 

  • 4
    Why Cancer Risk Soars After a Type 2 Diabetes Diagnosis—Even Without Obesity

    LIFESTYLE 

  • 5
    Dark Red vs. Bright Red: How to Spot Colon Cancer Early

    LIFESTYLE 

Popular Now

  • 1
    Is 'Bad' Cholesterol Messing with Your Brain? New Study Says Yes

    LIFESTYLE 

  • 2
    New Study Finds Coffee Supercharges Good Gut Bacteria — Even Decaf

    LIFESTYLE 

  • 3
    Powder, Liquid, or Bar? Here's the Best Protein for Your Fitness Goals

    LIFESTYLE 

  • 4
    Your Pillow Is 17 Times Dirtier Than a Toilet Seat—the Gross Truth

    LIFESTYLE 

  • 5
    Your Blood Pressure Could Be a Time Bomb—Here’s What You Need to Know

    LIFESTYLE 

Share it on...