Chevron has no involvement in producing battery materials or cells:In June 2025, Chevron acquired lithium leaseholds in the Smackover Formation (Texas/Arkansas) for potential direct lithium extraction (DLE), aiming for domestic lithium supply to support batteries (no production yet; early-stage evaluation). Investments via Chevron Technology Ventures include backing Natron Energy (sodium-ion battery company; e.g., supporting their North Carolina factory plans) and ElectraLith (low-cost lithium tech, ~$17M Series A in early 2025). Other efforts involve energy storage partnerships or hydrogen-related storage, but nothing involving manufacturing battery samples or cells.
Chevron supplies potential raw inputs (lithium) or invests in others who make batteries, but has produced no battery-related samples or prototypes itself.
So, much competition with deep pockets😔
Background and StatusFounded to address lithium supply bottlenecks for the energy transition, the company is based at Monash Innovation Labs in Clayton, Victoria, Australia (small team: 11–50 employees). In January 2025, they closed an oversubscribed Series A round of AUD 27.5 million (~USD 17 million) to fund their first DLE-R pilot plant (with plans for more). The round was led by Main Sequence Ventures and included a strong syndicate: Chevron Technology Ventures In-Q-Tel (IQT) Rio Tinto Fathom Fund Hostplus Breakthrough Victoria Marathon Petroleum Others (e.g., VX Ventures)
They have earned recognition such as: Fast Company World Changing Ideas winner (2025) Global Cleantech 100 nominee (2026) Australian Top 100 Innovators nominee Forbes 100 to Watch nominee