ExxonMobil aims to become a leading producer of lithium
Published on: Nov 17, 2023
The company is targeting its first production for 2027 and evaluating growth opportunities on a global scale.
ExxonMobil has announced plans to become a leading producer of lithium, a key component of electric vehicle (EV) batteries. Work has begun for the company’s first phase of North America lithium production in southwest Arkansas, an area known to hold significant lithium deposits.
The product offer will be branded as Mobil Lithium, building on the history of technical partnership between Mobil and the automotive industry.
“This landmark project applies decades of ExxonMobil expertise to unlock vast supplies of North American lithium with far fewer environmental impacts than traditional mining operations,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions.
In early 2023, ExxonMobil acquired the rights to 120,000 gross acres of the Smackover formation in southern Arkansas – considered one of the most prolific lithium resources of its type in North America.
Demand for lithium is expected to quadruple by 2030, and virtually all lithium today is produced outside of North America.
The company is targeting its first lithium production for 2027 and is evaluating growth opportunities globally. By 2030, ExxonMobil aims to be producing enough lithium to supply the manufacturing needs of well over a million EVs per year.
