Exxon wants to be a leading lithium supplier for EVs

Exxon Mobil Corp. is set to venture into lithium production in Arkansas, a move signaling its entry into the production of a crucial component for large-scale batteries.

This marks the oil giant's first major investment in a non-fossil fuel extraction project in recent times.

In a statement released on Monday, Exxon disclosed its acquisition of rights to 120,000 acres in the Smackover formation in southern Arkansas.

The company aims to commence lithium production by 2027, positioning itself as a "leading supplier for electric vehicles by 2030."

Joining other oil and gas companies eyeing lithium expansion, Exxon's move is seen as a strategic entry into the rapidly growing energy storage market

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