Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Exxon Mobil Corp. XOM, +0.77% said Monday it plans to begin producing lithium for electric-vehicle batteries by 2027 from a mining operation in southwest Arkansas under the brand Mobil Lithium. The oil and gas giant said it’s planning to be a “a leading producer of lithium” but it did not provide any projected sales figures for the business. Exxon Mobil plans to produce enough lithium to supply the manufacturing needs of more than one million EVs per year by 2030.
Dan Ammann, president of ExxonMobil low carbon solutions, said the company will use its expertise “to unlock vast supplies of North American lithium with far fewer environmental impacts than traditional mining operations.” Exxon Mobil said it paid an undisclosed sum for rights to 120,000 gross acres of the Smackover formation, which is “considered one of the most prolific lithium resources of its type in North America.” Arkansas Gov.
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