ExxonMobil CEO Darren Woods told analysts on Friday that the oil giant is looking to get into the lithium market as the rise in popularity of electric vehicles boosts demand for the battery component.
As Axios reports, ExxonMobil isn’t the first American oil company to spy potential revenue in extracting and processing lithium, but it is the biggest player to officially get in the game. Lithium is “really an extension of a lot of the current capabilities that we have,” Woods told analysts during an earnings call. Processing brine water to pull out lithium is “very consistent” with what occurs at ExxonMobil refineries and chemical plants, Woods says.
While ExxonMobil is still in the research stage, it has been acquiring acreage in lithium-rich Arkansas. However, the level of investment is small compared to ExxonMobil’s other ventures. Read the full story.