ExxonMobil, SK On Sign MoU Regarding US Produced Mobil Lithium Project In Arkansas

(RTTNews) - Exxon Mobil Corp. (XOM), Tuesday announced the signing of a memorandum of understanding with battery maker SK On to produce upto 100,000 metric tons of Mobil Lithium in Arkansas.

The lithium produced with the help of Exxon's core capabilities in subsurface exploration, drilling, and chemical processing, will be utilized by SK On in its EV battery manufacturing operations in the U.S., the energy and petroleum company stated.

Dan Ammann, president of ExxonMobil Low Carbon Solutions, commented, "This collaboration with SK On demonstrates the leading role we play in the growing market for domestically sourced lithium, a market that's advancing energy security and climate objectives, as well as supporting American manufacturing."

Currently, ExxonMobil's stock is trading at $114.21, up 0.16 percent on the New York Stock Exchange.