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Exxon Joins Hunt for Lithium in Bet on EV Boom

Benoît Morenne and Collin Eaton of The Wall Street Journal report on Exxon’s investment in lithium mining.

The C3 Take
  • Exxon has recently purchased drilling rights on 12,000 acres in Arkansas where the company plans to produce lithium.
  • The land is estimated to have as much as 4 million tons of lithium carbonate equivalent, which is enough to power 50 million EVs.
  • Exxon has said that it will spend $17 billion through 2027 to cut its emissions and develop new clean technologies like hydrogen and carbon capture.
  • Private sector leadership is key to advancing clean energy.

“Lithium production would also diversify Exxon’s portfolio and expose it to a rapidly growing market. The company is positioning other parts of its business to accommodate electric vehicles. Exxon executives have said many of its chemical products supply EV manufacturers, whose cars are made with plastics and other petroleum products.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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