Norway's energy giant, Equinor, and US-based Occidental have joined forces with businesses investigating direct lithium extraction (DLE) from scorching brine reservoirs. This notable partnership signals a broader trend of energy and petroleum companies venturing into the lucrative lithium extraction business, seeking an environmentally friendly and efficient alternative for sourcing this immensely significant element, predominantly used in electric vehicle batteries.
1. Norway's Equinor and US-based Occidental have partnered with businesses investigating direct lithium extraction (DLE) from hot brine reservoirs.
2. This partnership indicates a broader trend of energy and petroleum companies moving into the profitable lithium extraction business.
3. The companies are seeking an environmentally friendly and efficient alternative for sourcing lithium, predominantly used in electric vehicle batteries.
4. The concept of DLE is a novel and promising method for streamlined lithium production, standing out from conventional, environmentally damaging evaporation-based methods.
5. Equinor and Occidental's goal through these investments is to create a sustainable and efficient lithium production process, contributing to the rapidly growing electric vehicle industry.
In 2021, the global lithium market size was worth approximately 3 billion US dollars and it is projected to reach 8.5 billion US dollars by 2028.
The concept of direct lithium extraction (DLE) from hot brine reservoirs is relatively new but holds immense potential in streamlining lithium production necessary for electric vehicle batteries. This method differs greatly from conventional evaporation-based methods that are both time-consuming and environmentally damaging. Firms such as Norway's Equinor and Occidental of the US are keenly investing in this technology through partnerships with specialized companies. Their common goal is to achieve a sustainable and efficient lithium production process, ultimately contributing to the burgeoning electric vehicle industry.