U.S. energy major Exxon Mobil said on July 25 it had signed a non-binding agreement to supply lithium from its proposed Arkansas project to South Korean EV battery maker SK On.
The agreement has the potential to be a multi-year offtake deal of up to 100,000 metric tons, the company said.
Exxon in November announced plans to produce lithium from pumped out brine in Arkansas, from regions considered to hold significant deposits of the metal.
SK On, a unit of SK Innovation, intends to use the lithium for making EV batteries in the U.S.
The company, which supplies to Volkswagen and Ford Motor, operates two facilities for making batteries in Georgia. It is building four more plants jointly with automakers.
"Through this partnership with Exxon Mobil, we will continue strengthening battery supply chains in the U.S.," said Park Jong-jin, executive vice president of strategic procurement at SK On.
Recommended Reading
Silver Hill Closes Fourth Oil, Gas Fund with $1.13B in Commitments
2024-07-31 - Silver Hill’s portfolio consists of operations across 55,000 net acres in East Texas and North Louisiana and 86,000 net acres in North Dakota.
US Shale Leaders Set Pricing for Tamboran Resources’ IPO
2024-06-17 - Tamboran Resources’ appraisal wells indicate the Beetaloo Basin target formation is similar to the Marcellus Shale in its geophysical properties.
BPX’s Koontz: The Rise of a Shale Man
2024-07-02 - CEO Kyle Koontz takes the reins of BPX Energy’s rapid onshore growth amid big changes at BP.
Aussie Shale’s Tamboran Resources Prices IPO in Range but for Fewer Shares
2024-06-27 - Among those buying the Australian shale-gas developer’s pre-trade shares were U.S. wildcatter Bryan Sheffield and completions pressure-pumper Liberty Energy.
Private Producers Find Dry Powder to Reload
2024-09-04 - An E&P consolidation trend took out many of the biggest private producers inside of two years, but banks, private equity and other lenders are ready to fund a new crop of self-starters in oil and gas.