Halliburton Labs joins XtraLit's USD 30 million Round B, form joint venture for Oil & Gas produced water's lithium extraction

Halliburton Labs strategic investment in XtraLit will foster the deployment of direct lithium extraction technology in the Oil & Gas industry, highly demanded metal for the energy transition economy

REHOVOT, Israel, Jan. 18, 2024 /PRNewswire/ -- Halliburton Labs, a wholly owned subsidiary of Halliburton Company, one of the world's 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. The agreement also includes the creation of a US-based common partnership which will focus on promoting sustainable energy solutions in North America and around the world.

Halliburton Labs' partnership with XtraLit is a testament to their commitment to fostering advancements in energy technology. As part of the agreement, XtraLit will open an operation center at Halliburton Labs campus in Houston, Texas, benefitting from Halliburton's extensive expertise, network, and facilities, paving the way for strategic scaling and enhanced commercialization prospects. 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.

Simon Litsyn, CEO of XtraLit, expressed his enthusiasm for the partnership, stating: "We are thrilled to join forces with Halliburton Labs. This collaboration is not just a milestone for XtraLit but a leap forward for the energy sector. Our technology is a significant stride towards green transformation of the world. We are confident that with Halliburton's support, we can optimize our technology, making lithium extraction more efficient and environmentally friendly."

About XtraLit

Founded in 2021 and based in Rehovot, Israel, XtraLit introduced a groundbreaking technology for the efficient extraction of lithium from brine resources. This technology is pivotal in processing brines with low lithium concentrations, making it a game-changer in the mining industry. The company has already acquired broad expertise in extracting lithium from the Dead Sea aquatic source, which concentration is 20 ppm only. With the increasing demand for lithium, essential for battery production and the renewable energy sector, XtraLit's solution offers a sustainable and economically feasible approach to tapping into new lithium sources. For more information visit: https://xtralit.com

About Halliburton Labs

Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors, and experienced practitioners advance the future of energy faster. Halliburton Labs provides access to world-class facilities, global business network, commercialization expertise, and financing opportunities to help participants scale their business. Halliburton Labs is a wholly owned subsidiary of Halliburton Company. For more information visit: www.halliburtonlabs.com.

SOURCE XtraLit