Occidental Petroleum (OXY) and Berkshire Hathaway Energy announced a joint venture to extract lithium through geothermal electricity production. This collaboration uses TerraLithium technology, tested at BHE Renewables’ Imperial Valley facility, to assess environmentally safe lithium production.

Warren Buffett’s Strategic Move in Lithium

Under this agreement, the technology aims to leverage geothermal brine, which is pumped hot salty water used for electricity, to extract lithium. The potential success of these tests could lead to commercial lithium production facilities in California.

Potential Impact on Lithium Market

The U.S. Department of Energy highlighted lithium extraction from geothermal brine as a promising method to place domestic lithium on the market sustainably.

Occidental Petroleum’s Stock Movement

Occidental Petroleum stock decreased slightly amidst this announcement. The stock has faced recent declines, influenced by broader oil industry trends and fluctuating oil prices.

Future of Lithium Production

Despite the challenges, Berkshire Hathaway’s increased stake in Occidental and Exxon Mobil’s own lithium plans indicate strong industry interest in lithium as an essential component for electric vehicles.

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