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FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc., plays bridge as part of the company's annual meeting weekend in Omaha, Nebraska, May 6, 2018. REUTERS / Rick Wilking / File Photo
(Reuters) – Warren Buffett's Berkshire Hathaway Inc has signed an agreement allowing lithium extraction from its geothermal wells in California, a project that could offer US builders and battery producers a secure supply of metal, reported Sunday the Financial Times.
The company has been in talks to provide Tesla Inc. with lithium, a component of batteries for powering electric cars, the newspaper reported, citing people close to the company.
Berkshire Hathaway's geothermal wells could produce up to 90,000 tonnes of lithium a year, worth $ 1.5 billion at current prices, said the report citing a fundraising document.
"We are seeing a lot of interest in North American supply as automakers start to become more interested in electric vehicles," said Eric Besseling, vice president of BHE Renewables, quoted by by the daily FT.
Berkshire Hathaway Energy Co and Tesla did not immediately respond to a request for comment outside of normal business hours.
Report from Shubham Kalia to Bengaluru; Edited by Lisa Shumaker
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