Exxon Mobil has signed a non-binding memorandum of understanding (MOU) for a multiyear lithium supply deal with LG Chem, a battery parts maker. The agreement outlines the supply of up to 100,000 metric tons of lithium carbonate.
The lithium will be sourced from ExxonMobil’s planned project in Arkansas and supplied to LG Chem’s cathode plant in Tennessee, which is expected to be the largest of its kind in the U.S. This marks ExxonMobil's second such agreement for its proposed Arkansas project.
This deal is a significant step in establishing a domestic lithium supply chain for electric vehicle batteries, leveraging ExxonMobil's expertise in subsurface exploration and chemical processing. It underscores the company's commitment to its Low Carbon Solutions segment and its role in the energy transition.
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