Schlumberger ( NYSE: SLB ) said Wednesday it has entered into a partnership with Gradiant, a developer of water treatment facilities, to introduce a key sustainable technology into the production process for battery-grade lithium compounds that limits the amount of water needed to produce lithium.
"The technology enables high levels of lithium concentration in a fraction of the time required by conventional methods, while also reducing carbon emissions, energy consumption, and capital costs when compared to thermal-based technologies," Schlumberger ( SLB ) said.
The company said the collaboration "will enable the lithium industry to meet surging mineral demand with a previously unattainable level of water utilization, by simultaneously lowering the consumption of fresh water and reducing wastewater."
Gradiant is seeking to raise $100M by mid-2023 to fund expansion plans, CEO Prakash Govindan told Bloomberg in an interview.
Schlumberger ( SLB ) shares have gained 9% during the last two trading sessions as crude oil prices spiked higher .
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Schlumberger in partnership to reduce water needed to produce lithium