The equation you provided represents a chemical reaction between lithium (Li) and water (H₂O) to produce lithium hydroxide (LiOH) and hydrogen gas (H₂).
The balanced chemical equation for this reaction is:
\[ 2 \text{Li} + 2 \text{H}_2\text{O} \rightarrow 2 \text{LiOH} + \text{H}_2 \]
In this reaction, lithium reacts vigorously with water, resulting in the formation of lithium hydroxide, which is a strong base, and hydrogen gas, which is released as bubbles. Note that this reaction is exothermic, meaning it releases heat, and the hydrogen gas produced can be flammable.