Schlumberger N.V. (NYSE:SLB) disclosed that it has successfully demonstrated sustainable lithium production at scale at its Clayton Valley, Nevada, plant.

SLB's integrated solution offers a complete, end-to-end process that includes advanced impurity treatment and concentration technologies to produce high-purity lithium carbonate or hydroxide.

The company aims to accelerate the market availability of responsibly sourced lithium products. The solution extracts lithium from brine 500 times faster than traditional methods, using only 10% of the land.

The company stated that the plant achieved a verified lithium recovery rate of 96% from brine when operating at about one-tenth the size of a commercial facility.

The traditional lithium extraction process requires vast land and depletes water, leaving harmful residues. SLB's solution minimizes water use and returns processed brine to its source, reducing environmental impact.

Gavin Rennick, president of SLB's New Energy business said, "SLB's demonstration plant in Clayton Valley proves our unique integrated approach to produce scalable quantities of lithium in the fastest, most economical and sustainable way for today's market. This accelerates deployment of viable commercial-scale facilities for high-quality lithium products that are the backbone of our electrification economy."

In July, Schlumberger reported a second-quarter 2024 revenue increase of 13% year-over-year to $9.139 billion, beating the consensus of $9.076 billion. Adjusted EPS increased 18% Y/Y to $0.85, above the consensus of $0.83.

Investors can gain exposure to SLB via VanEck Oil Services ETF (NYSE:OIH) and IShares U.S. Oil Equipment & Services ETF (NYSE:IEZ).

Price Action: SLB shares are up 0.25% at $39.69 premarket on the last check Wednesday.

• Dave & Buster's Stock Races Higher After Q2 EPS Beat: Details

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.