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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Jisun] LG Chem announced on the 21st that it has signed a supply agreement with ExxonMobil, the world’s largest oil and energy company, to procure lithium carbonate from North America. Under this agreement, LG Chem will source up to 100,000 tons of lithium carbonate locally in the U.S. over a decade starting in 2030.
ExxonMobil will supply lithium extracted from brine reserves in Arkansas to LG Chem's Tennessee plant, located approximately three hours away. The Tennessee facility, under construction since December 2023, is the largest cathode material plant in the U.S. with an annual production capacity of 60,000 tons.
ExxonMobil began lithium extraction at its Arkansas brine field in November 2023 after acquiring the reserves earlier that year. The brine field is estimated to contain 4 million tons of lithium carbonate, sufficient to produce batteries for 50 million electric vehicles (EVs).
This agreement aligns with LG Chem’s strategy to strengthen its EV battery materials supply chain in North America and supports ExxonMobil’s diversification into renewable energy resources.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
