How prophetic was an OK Energy Today article last November about Oklahoma City’s Galvanic Energy.
“Brent Wilson and his former colleagues who joined him after being laid off from an Oklahoma City oil and gas company might be sitting on a gold mine,” was the lead to the story.
Galvanic, a firm created for development of lithium from the brine-rich Smackover Formation of Southern Arkansas, just made a $100 million deal with ExxonMobil for the rights to a 120,000 acre tract in the region. Lithium is a crucial metal needed for electric vehicle batteries.
Global demand for lithium is expected to surge in the coming years, far outstripping supply as the world shifts towards renewable energy systems. These require batteries to store electricity for later use, given the variable nature of wind and solar. By 2050, according to an estimate from the International Energy Agency, the world will need to mine 26 times more lithium than it did in 2021 reported Quartz.
Click here for Quartz