The Verge's Emma Roth is reporting that ExxonMobil is now a lithium mining company.
ExxonMobil is entering the lithium production industry with plans to become a leading producer by starting a drilling operation in the Smackover Formation in southern Arkansas. The company aims to meet the growing demand for lithium, a key component in rechargeable batteries for electric vehicles and various tech devices. They plan to initiate production in 2027, potentially supplying lithium for over 1 million electric vehicles annually by 2030. ExxonMobil's approach involves drilling 10,000 feet below the surface and using direct lithium extraction (DLE) to separate lithium from saltwater, a process said to be more environmentally friendly than traditional mining. This move into lithium production, branded as Mobil Lithium, marks ExxonMobil's return to the battery business since their development of the first lithium-ion battery in the 1970s. The project reflects a broader shift towards domestic lithium production in the U.S., with potential benefits for U.S.-based electric vehicle manufacturers who currently rely on lithium imports from countries like Australia, Argentina, Chile, and China.
Source: The Verge
https://www.theverge.com/2023/11/13/23958935/exxonmobil-lithium-drilling-arkansas
(This article was written with assitance from ChatGPT)
