
US-based oil major ExxonMobil has announced that it has signed a memorandum of understanding (MoU) with the battery-maker SK On to purchase up to 100,000 metric tons of Mobil lithium over a number of years.
Lithium is an important mineral for the production of lithium-ion batteries, which are used in energy-storage systems, consumer goods like laptops and smartphones, electric vehicles (EVs) and other low-carbon technologies. The demand for it is therefore expected to rise dramatically in the coming years.
ExxonMobil will supply the lithium from its planned Arkansas project under the Mobil brand, which is usually better known for products like the Mobil DTE hydraulic oil. It will use underground saltwater deposits to extract lithium before refining it onsite into a form ready for use in battery manufacturing. The company says that compared with traditional mining with hard rock, this process will have less impact on the environment and produce lithium more efficiently.
ExxonMobil’s president for low-carbon technologies, Dan Ammann, said the goals for reducing emissions around the world meant that more lithium would be needed:
“…and we’re doing our part to drive solutions forward in the United States. This collaboration with SK On demonstrates the leading role we play in the growing market for domestically sourced lithium, a market that’s advancing energy security and climate objectives, as well as supporting American manufacturing.”
The UK also has a planned project to produce lithium domestically, with a project in Cornwall being expected to produce some 20,000 tonnes of lithium carbonate equivalent each year.