Exxon Mobil (XOM.N) has committed to developing more than 6,100 lithium-rich acres in Arkansas with Tetra Technologies Inc. (TTI.N), its second effort to control assets needed to make electric vehicle battery materials this year.
Traditional energy corporations and others invest in new lithium technologies to increase world supply.
Tetra, a chemical manufacturer, announced earlier this week that it had agreed with Saltwerx to develop 6,138 acres of saline brine reserves in Arkansas containing lithium and bromine.
Two sources say Exxon owns Saltwerx. Exxon bought it from Galvanic Energy earlier this year. Galvanic is privately owned and independent of Tetra and Exxon.
Tetra representatives were unavailable for comment. Exxon declined to comment.
Undisclosed financial terms. Exxon and Tetra each contributed 2,000 and 4,100 acres to the cooperation, although none provided a production or development schedule. Finalize some details.
Tetra acquires a large partner with capital to create flame retardant bromine from the property by teaming with Exxon. Tetra buys bromine from Lanxess (LXSG.DE) to make Eos Energy Enterprises (EOSE.O) battery material.
As the US rapidly extends its EV supply chain, Exxon obtains access to another lithium supply. Both corporations will revise their brine development proposal with Arkansas officials later this year.
To filter metal from Arkansas brine, Exxon must choose at least one direct lithium extraction (DLE) technology, mostly untested at an industrial scale. Reuters reported earlier this month that Exxon had discussed licensing DLE technology with International Battery Metals (IBAT.CD) and EnergySource Minerals.
In November, Tetra said it was studying DLE technologies but had not inked any deals.
Tetra leased over 27,000 Arkansas acres to Standard Lithium (SLI.V) for lithium production. Standard has begun project development.
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