ExxonMobil signs MOU with LG Chem to supply lithium

Published: Nov 23, 2024 00:00 (GMT+8)

Save

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.

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.

EV New Energy Lithium Prices Battery Industry Lithium Resources

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

17 mins ago

[SMM Analysis] Cobalt Q3 Earnings: Inventory Write-Downs Squeeze Refiners Amid High-Nickel Growth and LCO Cuts

Cobalt earnings diverged in Q3 2026 as mine sales recovered, while falling prices and inventory write-downs squeezed refiners’ profits. High-nickel growth and lower LCO output limited cobalt demand. Using company reports and SMM data, this article compares earnings, impairments and cash flow at 12 Chinese listed companies and examines the outlook for Q4 restocking.

17 mins ago

2 hours ago

[Solid-state: Lithium metal solid-state battery industrialization accelerates, topping 400Wh/kg]

China's lithium metal solid-state battery sector is speeding up on both technology and capacity. Zhongke Hongtai broke ground in October on a 1GWh lithium metal solid-state battery and 2GWh system integration project, while EVE Energy and Do-Fluoride recently filed related patents. With a theoretical capacity of 3860mAh/g, lithium metal anode is seen as key to pushing energy density beyond 400Wh/kg. Mercedes-Benz has completed testing of the world's first EV with a lithium metal all-solid-state battery at 450Wh/kg; Changan and Chery are advancing 350Wh/kg-plus validation and 600Wh/kg R&D, and EVE has rolled out its Longquan No.3 and No.4 all-solid-state cells.

2 hours ago

3 hours ago

Global power battery installations in the first three quarters approach 1 TWh: one company drops out of the TOP10, while two rise three places!

On November 2, South Korean research firm SNE Research released its latest installation data, showing that global power battery installations reached 994.5 GWh in the first three quarters of 2026, up 19.7% YoY from 830.7 GWh in the same period last year. In September alone, installations hit 145.1 GWh, a record monthly high, up 15.8% YoY. Amid continued global market expansion, the competitive landscape of the power battery industry is undergoing sharp differentiation, with Chinese battery makers continuing to gain ground while Japanese and South Korean giants are collectively under pressure.

3 hours ago