For Immediate Release
Contact: Charlie Price
Midland hosts Galvanic Energy shareholder meeting
Many investors call West Texas home
MIDLAND, TEXAS Dec. 3, 2021 - West Texas oil country seems an odd place for a lithium exploration company to hold a shareholder meeting, but that is precisely where Galvanic Energy recently convened its investors for a second time this year. The reason is simple, many are from or associated with Midland, Texas.
Galvanic’s oil and gas roots run deep, and it’s that extensive knowledge and wide-ranging skill set that helped form a new company focused on the future of American lithium exploration. Galvanic’s energy industry geologists, hydrologists, land management and geographic data experts took their exploration skills in a new, but familiar direction. Instead of searching for oil and gas, they began searching old oil and gas fields for lithium, a critical component for batteries used in countless electronic products and electric vehicles.
“Oil and natural gas are still an important part of the energy solution, but we must also look to emerging technologies related to the next wave of energy and transportation ventures,” said Michael Oestmann, shareholder and Midland oil & gas executive. “Lithium exploration is a logical extension of the work done in the petroleum industry and a natural way for the United States to diversify our resource portfolio.”
Galvanic’s current lithium brine prospect is located in southwestern Arkansas in a long-established oil and gas play known as the Smackover. In July, Galvanic announced it has secured a footprint of 100,000 acres in a continuous trend overlying this area. Galvanic’s acreage contains enriched concentrations of lithium dissolved in brine, providing a significant addition to the domestic inventory of economically recoverable lithium for battery production.
Historical brine analyses in this region, from three separate studies, indicate significant resource potential for lithium. Preliminary resource estimates make it the largest lithium brine prospect in North America, with the potential to power tens of millions of electric vehicles.
“Given the projected growth of electric vehicles and the demand for lithium batteries over the next decade, Galvanic has strategically positioned itself as a leading U.S. exploration company,” said Danny Campbell, shareholder and co-manager at Henry Resources. “Galvanic’s work is also serving America’s interest in continued energy independence. With China currently controlling nearly 80% of the lithium battery market, it is imperative that companies like Galvanic successfully find new domestic sources of lithium to supply U.S. battery and auto manufacturers.”
Oil and gas companies investing in lithium should not come as a surprise, as it was an oil giant who pioneered the technology half a century ago.
“Lithium batteries are often associated with renewable energy,” said Brent Wilson, Galvanic’s CEO. “However, lithium batteries are agnostic of the energy that charges them and shouldn’t be looked at as a threat to the oil and gas industry. On the contrary, lithium rechargeable batteries were first developed in the 1970s by Exxon.
“Whether small or large, stationary or portable, the function of lithium batteries is energy storage,” Wilson said. “What makes lithium batteries stand out is their ability to be charged quickly, hold considerable energy and perform consistently over a long period of time. Whether powering a smartphone or an EV, lithium batteries are and will continue to play a significant role in technology going forward. Our team and our shareholders are dedicated to uncovering domestic lithium sources that will continue to support U.S. energy independence, free from foreign interference.”
Founded in 2018, Galvanic Energy is a privately held lithium exploration company focused on advancing American energy independence by locating and securing domestic resources for the country’s renewable energy supply chain. Galvanic Energy is a member of the International Lithium Association dedicated to environmental, social, and regulatory stewardship through responsible operations and positive impacts in our industry and communities. For more information, visit GalvanicEnergy.com.