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ExxonMobil Drills Into EV Future With SK On Lithium Deal

Exxon Mobil Corporation (NYSE:XOM) inked a non-binding memorandum of understanding (MOU) with SK On for a multiyear offtake agreement for up to 100,000 metric tons of Mobil Lithium from ExxonMobil’s initial planned project in Arkansas. The deal aligns with ExxonMobil’s goal, announced in late 2023, to supply lithium for about one million EV batteries annually by 2030. The company says that lithium demand is expected to surge due to its vital role in EVs, electronics, and energy storage. Dan Ammann, President of ExxonMobil ...