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ExxonMobil Sets its Sights on Lithium Production in Arkansas

--News Direct--

Oil titan ExxonMobil is making a major play for the lithium market, announcing plans to become a leading producer of lithium for electric vehicles (EVs).1

Earlier this year, Exxon acquired 120,000 acres of the Smackover Formation in southern Arkansas, a geological site abundant in lithium resources.

The company plans to start battery-grade lithium production by 2027, aiming to produce enough lithium for one million EVs annually by 2030. Ongoing discussions with potential EV and battery manufacturing partners are underway.

This move towards lithium production aligns with the growing emphasis on climate change by major oil companies. While competitors like Shell and BP focus on renewable energy sources such as wind and solar, Exxon is investing $17 billion through 2027 to reduce emissions, emphasizing carbon capture, hydrogen, and biofuels.

Emphasizing domestic lithium production, Dan Ammann, president of Exxon's low carbon solutions business, sees lithium as a long-term investment for the growing electric vehicle market, emphasizing an environmentally friendly approach.

Despite abundant domestic lithium deposits, the US heavily depends on imports from Argentina and Chile. Li-Bridge forecasts a sixfold surge in US lithium battery demand by 2030, coinciding with increased EV adoption. According to a Cox Automotive report in October, EV sales increased by 50% in the third quarter of 2023 compared to the same period last year, although electric vehicles currently constitute only 1% of the U.S. vehicle fleet.2

Exxon plans to reach the lithium by drilling 10,000 feet below the surface using oil and gas equipment. The company plans to utilize direct lithium extraction (DLE) to separate the lithium from the mixed saltwater, a process that produces fewer carbon emissions than hard rock mining and requires significantly less land.

This isn’t ExxonMobil’s only tie to the lithium space. The company’s majority owned subsidiary Imperial Oil invested in E3 Lithium Ltd. (TSXV:ETL) (FSE:OW3) (OTCQX:EEMMF) in 2022, Alberta’s foremost lithium developer and innovator in extraction technology. The strategic collaboration will advance a lithium-extraction pilot in Alberta, exploring the redevelopment of an historic oil field into a potential new leading source of lithium for Canada’s growing critical minerals industry.

E3 Lithium just reached a major inflection point, successfully producing battery-quality lithium hydroxide monohydrate (LHM) with a stunning purity level of 99.78%.

Unlocking a New Source of Canadian Lithium

On November 7, E3 Lithium outlined the results from the field testing of its proprietary DLE technology at the pilot plant and the performance far exceeded expectations.

Results include a lithium recovery rate of over 90%, well above the target of 80%, and a high-purity lithium concentration of 722 mg/L against the anticipated 600 mg/L. The system also achieved an impressive flow rate ratio of 15.6, five times above its Key Performance Indicator (KPI) metric.

“The field pilot plant has operated exactly as intended since its commissioning in August,” said E3 Lithium’s President and CEO Chris Doornbos. “Total testing has consumed more than 500 m3 of brine produced from the well at the pilot location, providing us with the data needed for the commercial design and a deep understanding of the performance of various DLE technologies on our brine resource.”

E3 Lithium (TSXV:ETL) (FSE:OW3) (OTCQX:EEMMF) continues to progress its Pre-Feasibility Study (PFS), which will take DLE results and other factors into account for the production of final battery-quality lithium hydroxide.

That isn’t the only significant milestone E3 Lithium has achieved in 2023. Earlier this year, the company upgraded its mineral resource at its lithium property in Alberta to 16.0 million tonnes of lithium carbonate equivalent (LCE) in Measured and Indicated categories, making it the largest M&I lithium resource in all of Canada.3

Please visit this link or their website at e3lithium.ca for more information about E3 Lithium Ltd (TSXV:ETL) (OTCQX:EEMMF).

Footnotes:

[1] https://investor.exxonmobil.com/news-events/press-releases/detail/1152/exxonmobil-drilling-first-lithium-well-in-arkansas-aims-to

[2] https://www.coxautoinc.com/market-insights/q3-2023-ev-sales/

[3] https://natural-resources.canada.ca/our-natural-resources/minerals-mining/minerals-metals-facts/lithium-facts/24009

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1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

2) The Article was issued on behalf of and sponsored by, E3 Lithium Ltd. Market Jar Media Inc. has or expects to receive from E3 Lithium Ltd’s Digital Marketing Agency of Record (Native Ads Inc.) three hundred and four thousand CAD for 33 days (24 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding E3 Lithium Ltd.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to E3 Lithium Ltd.’s industry; (b) market opportunity; (c) E3 Lithium Ltd.’s business plans and strategies; (d) services that E3 Lithium Ltd. intends to offer; (e) E3 Lithium Ltd.’s milestone projections and targets; (f) E3 Lithium Ltd.’s expectations regarding receipt of approval for regulatory applications; (g) E3 Lithium Ltd.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) E3 Lithium Ltd.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute E3 Lithium Ltd.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) E3 Lithium Ltd.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) E3 Lithium Ltd.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) E3 Lithium Ltd.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of E3 Lithium Ltd. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) E3 Lithium Ltd.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact E3 Lithium Ltd.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing E3 Lithium Ltd.’s business operations (e) E3 Lithium Ltd. may be unable to implement its growth strategy; and (f) increased competition.Except as required by law, E3 Lithium Ltd. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does E3 Lithium Ltd. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither E3 Lithium Ltd. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

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View source version on newsdirect.com: https://newsdirect.com/news/exxonmobil-sets-its-sights-on-lithium-production-in-arkansas-213486882

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