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ExxonMobil is getting into the lithium production business. The company announced on Monday that it’s going to become a “leading producer of lithium” by opening its first drilling operation in southern Arkansas.
The demand for lithium has grown in the past couple of years, with the metal serving as a key ingredient in the rechargeable batteries that power electric vehicles, phones, laptops, and other tech. ExxonMobil plans to start producing lithium in 2027 and says it could make enough lithium to supply over 1 million electric vehicles per year by 2030.
Earlier this year, ExxonMobil purchased 120,000 acres of lithium-rich land spanning a geologic formation — called the Smackover Formation — in Arkansas. To access the lithium, the…