Why big oil is wading into lithium

Lithium brine evaporation ponds at Albemarle's lithium mine in Silver Peak, Nevada

2024-06-27  721  中等

That is not to say ExxonMobil has no interest in renewables. But rather than getting into generation, it is placing an indirect bet on the energy transition. On June 25th it signed a preliminary agreement to supply lithium to SK On, a South Korean manufacturer whose lithium-ion batteries will power electric Fords and Hyundais. This follows an announcement in November that it was drilling its first lithium well in Arkansas. A “material” part of its $20bn in low-carbon investments between 2022 and 2027 will go to lithium, says Dan Holton, in charge of these projects. By 2030 the company hopes to produce enough lithium to supply 1m electric vehicles (EVs) a year. Darren Woods, its boss, sees lithium as a “high-return” opportunity.

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