(BRK.A), (BRK.B)
BHE Renewables has been awarded a $15 million grant from the U.S. Department of Energy for in support of its lithium extraction from the geothermal brine at its generating facilities in the Salton Sea, California.
The grant will be part of the funding for the construction of a demonstration plant to convert lithium chloride into battery-grade lithium hydroxide in Calipatria, California.
In 2021, the California Energy Commission (CEC) awarded a $6 million grant towards the facility.
Worldwide lithium demand has soared as lithium-ion battery powered cars have moved from the fringe into the mainstream.
The Salton Sea area, one of California’s poorest and most environmentally damaged, may be on the verge of a lithium “gold rush” that could transform the local economy.
“Successful lithium production from geothermal brine could become the catalyst to revive Imperial Valley’s decades-old geothermal power industry, not just creating new jobs but also making the price of baseload geothermal power more cost effective for the benefit of California customers. These two projects represent bold steps in further solidifying the state’s global leadership in renewable energy and sustainability,” Jonathan M. Weisgall, Vice President of Government Relations at Berkshire Hathaway Energy, said.
© 2022 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.