ExxonMobil in lithium supply talks with Tesla, Ford: Report
ExxonMobil | Representative image
ExxonMobil is reportedly in talks with Tesla, Ford Motor, Volkswagen, and other automakers to supply lithium for electric car batteries, as stated by individuals familiar with the matter, according to a Bloomberg Law report cited by Reuters.
However, discussions are likely in the early stages as ExxonMobil currently lacks the means to produce and supply this vital component for electric vehicles.
Additionally, Exxon has been engaged in negotiations with International Battery Metals for licensing Direct Lithium Extraction technology, according to Reuters.
In a separate report last month, Reuters mentioned Exxon's collaboration with Tetra Technologies Inc. to exploit over 6,100 acres of lithium-rich brine in Arkansas. Moreover, Exxon acquired more than 100,000 acres in Arkansas from privately held Galvanic Energy earlier this year.
Exxon's venture into the lithium industry hinges on selecting a direct lithium extraction (DLE) technique to extract lithium from the brines, a decision that remains pending. Currently, no DLE technology has been successfully commercialized, despite intense competition among various businesses striving to be the first.
Furthermore, Exxon's move comes amidst heightened interest from traditional energy firms and other players in innovative technologies aimed at boosting the global supply of this lightweight metal.
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Exxon's rapid entry into the lithium market poses challenges, with the need to adopt a viable DLE solution at the forefront of their strategic considerations.
(Inputs from Reuters)
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