Exxon Mobil announced a non-binding lithium supply deal with battery parts maker LG Chem. This marks ExxonMobil's second agreement to supply the electric vehicle battery metal from its proposed Arkansas project.
Under the memorandum of understanding, ExxonMobil will supply up to 100,000 metric tons of lithium carbonate from its planned U.S. project to LG Chem's upcoming cathode plant in Tennessee. LG Chem's Tennessee plant, which began construction in December 2023, is projected to produce 60,000 tons annually.
This venture into lithium production leverages ExxonMobil's molecular transformation expertise and R&D capabilities to build new businesses. The company aims to become a substantial lithium supplier using a process with less environmental impact than traditional hard rock mining.
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