HOUSTON - SLB, a global technology company, has announced the successful operation of its sustainable lithium production technology at a demonstration plant in Clayton Valley, Nevada. The company's proprietary solution integrates direct lithium extraction (DLE) with advanced impurity treatment and concentration technologies, achieving a 96% recovery rate of lithium from brine. This marks a significant enhancement over traditional methods, which typically recover less than 50% of lithium and can take up to 18 months.
The Nevada plant operates at a fraction of the size of a commercial-scale facility, using only 10% of the land typically required and significantly less water, energy, and chemical reagents. This rapid production method can produce lithium in mere hours, compared to the lengthy evaporation processes currently prevalent in the industry.
SLB's new technology not only promises to expedite the delivery of lithium, a critical component in the electrification economy, but also aims to minimize environmental impact. The process includes returning the spent brine to its source after the lithium extraction, thereby reducing the ecological footprint.
Lithium, commercially sold as lithium chloride, carbonate, or hydroxide for various applications including EV batteries and smartphones, is central to the growing demand for renewable energy solutions. The flexibility of SLB's solution allows for the production of different lithium compounds to meet market needs.
This development is part of SLB's broader strategy to innovate energy solutions and support the transition to sustainable energy sources. The company, listed on the New York Stock Exchange (NYSE: SLB), operates globally and is committed to driving energy innovation.
The successful operation of SLB's sustainable lithium production technology is based on a press release statement and has been independently verified by WETLAB-Western Environmental Testing Laboratory of Nevada. The company has now positioned itself to potentially acquire full ownership interest in the Clayton Valley Project, in line with its agreement with Pure Energy Minerals Ltd.
In other recent news, Schlumberger (NYSE:SLB) reported second-quarter earnings for 2024, exceeding expectations with an adjusted earnings per share (EPS) of $0.85 and an adjusted EBITDA margin reaching 25%. The company's robust international market presence was evident with revenue growth exceeding 5% quarter-over-quarter across all regions. Analyst firms including UBS, TD Cowen, RBC Capital, and Citi expressed confidence in the company, maintaining their respective buy ratings and price targets.
SLB also announced significant collaborations with TotalEnergies (EPA:TTEF) and secured a contract for a 13-well Subsea Production System for the Kaminho project in Angola's Kwanza Basin. However, SLB's proposed acquisition of ChampionX, valued at $7.75 billion, has been delayed due to a request for additional information from the U.S. Department of Justice.
In other developments, SLB secured a contract from Petrobras for Santos Basin development and partnered with Aker Carbon Capture and CO280 Solutions Inc. for a large-scale carbon capture project at a pulp and paper mill on the U.S. Gulf Coast. These recent developments showcase the company's commitment to technological innovation and environmental sustainability.
InvestingPro Insights
SLB's recent advancements in sustainable lithium production technology have the potential to position the company as a leader in the renewable energy sector. The InvestingPro data provides a snapshot of the company's financial health and market performance, which could be of interest to investors considering SLB's role in the evolving energy landscape.
InvestingPro Data indicates that SLB has a market cap of $57.38 billion, reflecting its significant presence in the industry. The company's P/E ratio stands at 13.18, suggesting that its stock might be valued reasonably in relation to its earnings. Furthermore, SLB has shown a strong revenue growth of 12.68% over the last twelve months as of Q2 2024, which could be a sign of the company's successful operations and potential growth prospects.
Among the InvestingPro Tips, it's notable that SLB has maintained dividend payments for 54 consecutive years, which may appeal to investors looking for stable income. Additionally, the company's liquid assets exceed its short-term obligations, indicating a solid financial position to meet immediate liabilities.
InvestingPro users can explore additional insights, with 18 total InvestingPro Tips available for SLB at https://www.investing.com/pro/SLB. These tips include analysis on stock volatility, gross profit margins, and debt levels, which are all crucial factors for investors to consider when evaluating the company's long-term sustainability and profitability.
SLB's commitment to driving energy innovation and its strategic advancements in lithium production technology are underscored by these financial metrics and expert tips, providing a comprehensive view of the company's potential in the renewable energy market.
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