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Exxon Mobil, the largest oil company in the United States, has announced its intention to venture into the production of lithium, a key metal used in electric car batteries and advanced electronics. The company aims to start producing lithium from subsurface wells by 2027.
Investing in the Electric Vehicle Sector
Oil majors like Exxon Mobil are recognizing the growing importance of the electrification sector. With governments in the US and Europe promoting wider electric vehicle adoption and a reduction in fossil fuel consumption, Exxon Mobil's foray into lithium production is aimed at capitalizing on this shift.
Reuters reported that Exxon Mobil plans to extract lithium from briny waters in an area situated in the state of Arkansas, known for its significant lithium deposits. By accessing lithium-rich saltwater reservoirs about 10,000 feet underground, the company will employ direct lithium extraction (DLE) technology to separate lithium from the saltwater, according to the Associated Press.
By 2030, Exxon Mobil aims to become a leading supplier of lithium, intending to provide this vital metal for over 1 million electric vehicles annually. Analysts estimate that achieving this goal will require approximately $2 billion in capital expenditures to supply 50,000 tonnes of lithium, potentially generating $800 million in cash flow.
Exxon Mobil plans to kickstart its lithium production with the assistance of partner Tetra Technologies, as exclusively reported by Reuters. The company will produce the metal on-site, marketing it under the brand name Mobil Lithium.
Exxon Mobil's Canadian affiliate, Imperial Oil, has also ventured into lithium extraction. Investments have been made in a lithium-extraction pilot project located in Alberta, Canada, further strengthening Exxon Mobil's foothold in the lithium market.
Exxon Mobil Not Investing in EV Charging Stations
While Exxon Mobil is planning to supply lithium for electric vehicle batteries, consumer electronics, and energy storage systems, the company has no intentions to invest in EV charging stations. According to Dan Ammann, President of Exxon's Low Carbon business unit, their focus lies on providing the essential raw materials for the growing electric vehicle industry.
With more than 99% of vehicles in the United States still running on traditional fuels, the electric vehicle sector offers tremendous growth potential. Exxon Mobil recognizes this and aims to seize the significant opportunity that lies ahead by becoming a major player in the lithium market.
Photo: Exxon Mobil Website
