Exxon Mobil is preparing to announce its lithium strategy, revealing plans to begin production of the electric vehicle (EV) battery metal in Arkansas by 2026. The company aims to produce at least 10,000 metric tons per year of lithium in partnership with Tetra Technologies, under a project known as “Project Evergreen.” This initial production would be sufficient for the production of 100,000 EV batteries. Exxon has been exploring the Smackover Formation in Arkansas, which contains lithium-rich brine, and has been testing unproven direct lithium extraction (DLE) technology. The company has not disclosed the specific DLE technology it has chosen. Exxon’s expansion into lithium production aligns with its efforts to reduce carbon emissions and leverage its expertise in the sector. The company has also held talks with International Battery Metals and EnergySource Minerals regarding licensing DLE technology. In addition to its partnership with Tetra, Exxon controls over 100,000 acres in Arkansas for future lithium production. However, regulatory challenges related to the royalty structure for bromine in Arkansas may delay development. Exxon plans to attend the Benchmark Minerals conference to further showcase its commitment to the lithium sector.
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