Shares of Chevron Corporation (NYSE:CVX) climbed 2% after the energy major revealed its initial foray into the lithium sector with the purchase of roughly 125,000 net acres of mineral-rich land. This marks a significant step in Chevron’s efforts to diversify its energy portfolio amid growing demand for battery materials.

Chevron has announced its entry into the U.S. lithium industry through a major land deal with energy startup TerraVolta and East Texas Natural Resources.