Exxon Mobil is set to unveil its long-awaited lithium strategy on Monday with an announcement that it aims to start production of the electric vehicle (EV) battery metal in Arkansas by 2026, according to a source with direct knowledge of the oil major’s plans.
Exxon’s expansion into the sector comes as emerging technologies aim to boost global production of the ultralight metal by filtering it from salty brine deposits found across the globe and supplying it to battery makers eager for fresh sources, reports Reuters.
Exxon, which invented the lithium-ion battery in the 1970s but stepped away from the technology, plans to begin producing at least 10,000 metric tons per year of lithium in Arkansas by 2026 with partner Tetra Technologies in what has been labeled “Project Evergreen,” according to the source.
That initial production would be roughly equivalent to the amount needed to produce 100,000 EV batteries.
