ExxonMobil signs MOU with LG Chem to supply lithium

ExxonMobil and LG Chem have signed a non-binding memorandum of understanding (MOU) for a multiyear supply of up to 100,000 metric tonnes of lithium carbonate. The lithium, sourced from ExxonMobil’s proposed Arkansas project, will support LG Chem’s Tennessee cathode facility which is expected to be operational in 2025 and will produce 60,000 tons annually.

Earlier this year in June, ExxonMobil signed a non-binding MoU with SK On to potentially supply up to 100,000 metric tonnes of lithium products to support multiple battery manufacturing facilities in the states. In the U.S., SK On operates two battery plants in Georgia, and plans to build four additional plants through joint ventures with Ford Motor Co. and Hyundai. By 2025, SK On’s annual production capacity in the U.S. is projected to exceed 180 GWh.