09:17 AM EDT, 06/04/2024 (MT Newswires) -- Occidental Petroleum ( OXY ) said Tuesday that it has formed a joint venture with Berkshire Hathaway (BRK.A) subsidiary BHE Renewables to advance commercial lithium production.

The companies said the joint venture will demonstrate and deploy Occidental Petroleum ( OXY ) subsidiary TerraLithium's Direct Lithium Extraction and associated technologies to extract and commercially produce lithium compounds from geothermal brine.

Under the joint venture, BHE Renewables plans to build, own and operate commercial lithium production facilities in the Imperial Valley area of Southern California. The joint venture also plans to license the technology and develop commercial lithium production facilities outside the Imperial Valley.

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