Exxon Mobil Corp XOM‘s most recent earnings call marked the close of a triumphant year, delivering a staggering $36 billion in earnings. Despite overseeing some of the most lucrative global oil projects, Exxon has acknowledged the inescapable transition in energy and has made a bold move, launching a lithium operation in Arkansas.
Through Mobil Lithium, Exxon intends to produce lithium for one million electric vehicles per year by 2030. This ambitious plan commences with the selection of lithium filtration technology, including one of the unproven direct lithium extraction (DLE) technologies, which the company has been rigorously testing at a pilot plant in Houston.
Patrick Howarth, head of Exxon’s lithium business, elucidated the company’s position at the ongoing Arkansas Lithium Innovation Summit in Little Rock.
“DLE is a small part of a really complicated process that has many different steps. We’re really focused on how do they interact with one another,” he conveyed to over 600 energy sector executives, policymakers, and stakeholders attending the inaugural conference.
The direct lithium extraction method, entailing the filtration of lithium directly from brine without traditional evaporation ponds, has been a focal point for Exxon. This innovative approach promises more cost-effective and environmentally responsible lithium production than conventional methods.
“This could be a game-changer for our state,” exclaimed Arkansas Governor Sarah Huckabee Sanders to Reuters.
Environmental responsibility is the primary focus of local policymakers who champion Exxon’s vision to position Arkansas as the epicenter of the domestic lithium industry.
“There are plenty of reasons for us to be optimistic about Arkansas lithium. Frankly, we can do it cleaner here than anywhere else in the world. No strip mining or huge evaporation ponds. Just wells that extract brine straight out of the ground. We can ensure America has a supply of this critical material, almost all of which currently comes from overseas, in large part from our number one adversary,” Sanders declared.
Exxon is collaborating with Tetra Technologies TTI, an industry leader with patented technology for bromine production. A successful large-scale application of DLE technology would be a significant win for Arkansas and a stride forward in Exxon’s diversification efforts.