Multinational oil and gas listed companies have launched lithium projects and plan to supply over 1 million electric vehicles by 2030

On November 13th, ExxonMobil, an international energy and petrochemical listed company, announced that the company plans to become a major producer of lithium. The first phase of lithium production in North America, located in southwestern Arkansas, USA, has begun. This is a region known to have a large amount of lithium mines, and the products will be based on the rich history of ExxonMobil's deep technological partnership with the automotive industry and labeled as Mobil's brand.

It is reported that ExxonMobil uses traditional oil and gas drilling methods to extract lithium rich brine from a 10000 foot underground reservoir, and then uses direct lithium extraction technology to separate lithium from the brine. Then, lithium will be converted into battery grade materials on site. The remaining saline water will be injected back into the underground reservoir. The carbon emissions generated by the DL process are lower than those of hard rock mining, and the land required is much less.

This is a three win project, "said Dan Aman, President of Low Carbon Solutions at ExxonMobil. This is a perfect example of how ExxonMobil can improve North American energy security, expand the supply of critical industrial materials, and continue to reduce emissions related to transportation, which is crucial for achieving the zero net social goal

Lithium is crucial for the production of lithium-ion batteries, which can be used in electric vehicles, consumer electronics, energy storage systems, and other clean energy technologies. By 2030, the demand for lithium is expected to quadruple, and almost all lithium is now produced outside of North America.

It is worth mentioning that ExxonMobil has stated that its first lithium production target is 2027 and is evaluating global growth opportunities. By 2030, ExxonMobil plans to produce enough lithium to meet the production demand of over 1 million electric vehicles annually. We are currently in discussions with potential customers, including electric vehicle and battery manufacturers.