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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

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