HOUSTON, Aug 9 (Reuters) – Occidental Petroleum Corp (OXY.N) said on Tuesday it has formed a joint venture with a unit of Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) to extract lithium.
The energy producer said it will use its technology to extract and commercialize high-purity lithium compounds from geothermal brines at Berkshire’s facilities in California. Lithium is a key metal used in batteries for electric vehicles, consumer electronics and grid storage. Oil majors have been investing in electrification as U.S. and European governments enact policies to promote electric vehicles and reduce fossil fuel consumption.