Exxonmobil, LG Chem Enter into MOU for Lithium Carbonate Offtake

Multiyear Offtake Agreement Exxonmobil, LG Chem Enter into MOU for Lithium Carbonate Offtake

2024-11-21 Source: Press release LG Chem 2 min Reading Time

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Exxonmobil and LG Chem have agreed to a multiyear offtake agreement for up to 100,000 metric tons of lithium carbonate. The lithium will be supplied from Exxonmobil’s planned project in the U.S. to LG Chem’s cathode plant in Tennessee, which is expected to be the largest of its kind in the U.S.

Exxonmobil and LG Chem have signed a non-binding MOU for a multiyear offtake agreement for up to 100,000 metric tons of lithium carbonate. (Source: LG Chem) — Exxonmobil and LG Chem have signed a non-binding MOU for a multiyear offtake agreement for up to 100,000 metric tons of lithium carbonate.
(Source: LG Chem)

Seoul/South Korea – Exxonmobil Corporation and LG Chem have signed a non-binding memorandum of understanding (MOU) for a multiyear offtake agreement for up to 100,000 metric tons of lithium carbonate. The lithium will be supplied from Exxonmobil’s planned project in the U.S. to LG Chem’s cathode plant in Tennessee, which LG Chem expects to be the largest of its kind in the U.S.

“America needs secure domestic supply of critical minerals like lithium,” said Dan Ammann, president of Exxonmobil Low Carbon Solutions. “Exxonmobil is proud to lead the way in establishing domestic lithium production, creating jobs, driving economic growth, and enhancing energy security here in the United States.”

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LG Chem’s Tennessee cathode plant broke ground in December 2023 and is expected to have an annual production capacity of 60,000 tons. The plant offers excellent geographic accessibility for both customer deliveries and raw material imports.

“Building a lithium supply chain with Exxonmobil holds great significance,” stated Shin Hak-cheol, CEO of LG Chem. “We will continue to strengthen LG Chem’s competitiveness in the global supply chain for critical minerals.”

Final investment decision will be subject to various factors including the establishment of commercially competitive regulatory frameworks. The planned production of Mobil Lithium will utilize Direct Lithium Extraction (DLE) technology, aligning seamlessly with Exxonmobil’s core competencies in subsurface exploration, drilling, and chemical processing. This approach offers U.S. EV battery manufacturers a domestically extracted and processed lithium supply option which is expected to have substantially lower environmental impacts, including approximately two-thirds less carbon intensity than hard rock mining.

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