Exxon is launching a lithium drilling operation in Arkansas to become a leading producer of lithium for electric vehicle batteries. The company purchased 120,000 acres of land at the Smackover formation and aims to supply enough lithium to support the manufacture of 1 million electric vehicles annually by 2030.
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Exxon Mobil to Produce Lithium for Electric-Car BatteriesExxon Mobil plans to start producing lithium from subsurface wells by 2027 to provide supplies of the key metal used in electric-car batteries and advanced electronics. The company aims to develop a domestic source of lithium to meet the increasing demand for electric vehicles.
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Exxon Mobil moving into lithium production business for electric-vehicle batteriesSteve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
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