The Financial Time’s report had cited sources and a fund raising document, and stated, Berkshire Hathaway’s geothermal wells could produce up to 90,000 tonnes of lithium a year worth $1.5 billion at current prices.

Berkshire Hathaway Energy Co, a unit of Berkshire Hathaway Inc, has denied a Financial Times report that appeared on Sunday regarding an agreement to allow extraction of lithium from its geothermal wells in California. The project could offer U.S. battery producers and carmakers a secure line of supply for the metal.

“There is no agreement in place with anybody to allow extraction of lithium or any other minerals from the geothermal wells in California,” said Jessi Strawn, spokeswoman for Berkshire Hathaway Energy Co.

As per yhe FT report, citing a fundraising document, Berkshire Hathaway’s geothermal wells could produce up to 90,000 tonnes of lithium a year worth $1.5 billion at current prices.

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