Halliburton Labs joins XtraLit's USD 30 million Round B, form joint venture for Oil & Gas produced water's lithium extraction
Summary
Halliburton Labs, a wholly owned subsidiary of Halliburton Company, one of the worlds largest providers of products and services for the energy industry, has closed on a strategic investment in XtraLit to jointly further develop a lithium extraction technology from oil and gas produced water. Testing and process optimization will be implemented for different oil and gas produced water, supporting fossil fuel energy producers to transition into new innovative approaches to sustainable energy.The application of this extraction technology will also allow for further increase in lithium supply, unlocking new significant sources that are critical to meet growing demand. The oil and gas industry produced water is expected to become a new source for lithium production.\U0001f525 What about we co-host a webinar? Click here to request more detailsSimon Litsyn, CEO of XtraLit, expressed his enthusiasm for the partnership, stating:Our technology is a significant stride towards green transformation of the world. We are confident that with Halliburtons support, we can optimize our technology, making lithium extraction more efficient and environmentally friendly.