TerraLithium and BHE Renewables Achieve Key Milestones Toward Commercializing Direct Lithium Extraction

HOUSTON – June 22, 2026 – TerraLithium, a wholly owned subsidiary of Occidental, and BHE Renewables today announced the successful advancement of their direct lithium extraction (DLE) technology portfolio using geothermal brines in California’s Imperial Valley.  The companies are collaborating through a joint venture formed in 2024 to commercialize TerraLithium’s technology.

Together, they have achieved important technical milestones, including:

• Production of lithium chloride using their DLE process at BHE Renewables’ geothermal facility in Calipatria, California, followed by the manufacture of battery-grade lithium carbonate; and
• Direct conversion of lithium chloride into lithium hydroxide using a commercial-scale electrolyzer at TerraLithium’s R&D facility in Brawley, California.

Both components play a key role in producing high energy density lithium metal and lithium-ion batteries, which are central to reliable and secure energy storage. Together, these achievements further validate that TerraLithium’s DLE technology portfolio can extract and produce responsibly sourced, high-purity lithium compounds that meet commercial processing standards.

“Developing a secure supply of high-purity lithium will help meet the growing demand for electrification and reliable storage, creating optionality and confidence in our energy future,” said Jeff Alvarez, President and General Manager of TerraLithium. “These milestones demonstrate the capabilities of TerraLithium’s technology portfolio as we build a path from R&D to commercial scale.”

“These testing milestones represent a significant advancement in BHE Renewables’ commitment to pursuing commercial lithium production,” said Christina Fleming, Senior Vice President of Mineral Development for BHE Renewables. “The results will be used to inform future engineering, scale-up assessments and project planning.”

The joint venture aims to demonstrate that commercial application is both technically feasible and economically viable at-scale. Following successful demonstration, BHE Renewables plans to build, own and operate commercial lithium production facilities in the region.

About TerraLithium
TerraLithium is a wholly-owned subsidiary of Occidental that provides a technology platform for extracting lithium from geothermal and other brines to produce ultra-pure battery-grade lithium hydroxide and lithium carbonate – a more responsible way to source ultra-pure lithium. For more information visit terralithium.com.

About BHE Renewables
BHE Renewables owns solar, wind, geothermal, natural gas and hydroelectric projects that produce energy for both the wholesale market and for customers under long-term power agreements. BHE Renewables owns and operates 10 geothermal sustainable power facilities in California’s Imperial Valley. 

Forward Looking Statement
This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including those relating to the joint venture’s benefits and Occidental’s (NYSE: OXY) and Berkshire Hathaway Energy’s (BHE) respective subsidiaries’ and the joint venture’s deployment and use of DLE and associated technologies, which are based on current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “aim,” “will,” “may,” “expect,” “plan,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, neither Occidental nor BHE  undertakes any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Occidental’s and BHE’s control. Factors that may cause actual results to differ materially from forward-looking statements include Occidental’s, BHE’s, their respective subsidiaries’, and the joint venture’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to access capital, to execute operational objectives on a timely and successful basis, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as implementation of government frameworks and permitting for lithium extraction, market conditions, including commercial interest in lithium products and consumer interest in electric vehicles, geopolitical events, and scientific developments. Additional factors that may affect the joint venture’s benefits and Occidental’s, BHE’s, their respective subsidiaries’, and the joint venture’s ability to deploy DLE and associated technologies can be found in Occidental’s and BHE’s respective filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Occidental’s website at oxy.com, BHE’s website at brkenergy.com, or the SEC’s website at sec.gov. Information included herein is not necessarily material to an investor in Occidental’s or BHE’s securities.