IMO - Imperial Oil E3 Lithium to partner on lithium extraction pilot project

Imperial Oil (NYSE:IMO) and E3 Lithium said on Thursday they will partner to advance a lithium extraction pilot project in Alberta using E3's technology designed to extract lithium from brine. The agreement helps advance E3 Lithium's Clearwater project, which will draw lithium from under Imperial's (IMO) Leduc oilfield. The pilot project includes drilling Alberta's first lithium evaluation wells, planned to be completed by the end of Q3, also focusing on scaling up E3 Lithium's technology, which brings the brine liquid to the surface where the lithium is removed and concentrated, then returned underground as part of a closed-loop system. As part of the agreement, Imperial said it will invest C$6.4M into E3 Lithium in exchange for more than 3.4M warrants at C$1.86 each. Imperial Oil (IMO) is aggressive in returning capital to shareholders through dividend increases and share repurchases, and is "a great Canadian oil company buy," Fluidsdoc writes in

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Imperial Oil, E3 Lithium to partner on lithium extraction pilot project