EV battery maker SK On to buy 100k metric tons of Arkansas lithium from ExxonMobil
EV battery maker SK On has signed a non-binding agreement to buy lithium from ExxonMobil’s first planned extraction project in Arkansas.
Sk On and ExxonMobil’s big lithium deal
Sk On and ExxonMobil signed a non-binding memorandum of understanding (MOU) that has the potential for a multiyear offtake agreement of up to 100,000 metric tons of lithium.
South Korea-headquartered SK On will use the lithium to manufacture EV batteries in the US. It has two battery-making factories in Georgia, and it’s building four more battery factories jointly with automakers. SK On supplies its US-made EV batteries to Hyundai, Volkswagen, and Ford (their BlueOval SK Battery Park image is above).
In November 2023, ExxonMobil announced that it was drilling its first lithium well in southern Arkansas after it acquired rights to 120,000 gross acres of the Smackover Formation, one of North America’s most plentiful lithium resources.
The Arkansas project will extract lithium from underground saltwater deposits and convert it into battery-grade material onsite. Exxon asserts that this method will produce lithium more efficiently and with fewer environmental impacts than traditional hard rock mining.
ExxonMobil set a goal in late 2023 to supply lithium for around 1 million EV batteries annually by 2030, and it’s targeting 2027 for first production.
Electrek’s Take
This is good news for the US EV industry and for building a domestic supply chain.
ExxonMobil has a net zero by 2050 plan. However, a significant weakness in the company’s strategy is focusing only on Scope 1 and Scope 2 emissions from its operations and the energy it consumes. The fossil fuel giant’s plan doesn’t address Scope 3 emissions consumers produce using ExxonMobil’s fossil fuel products. Scope 3 emissions often represent the largest share of oil and gas companies’ total carbon footprint.
Out of the five Western oil giants, Exxon is the only company that hasn’t set Scope 3 targets. In fact, sued its climate activist investors to block their Scope 3 target proposal from going to vote at its annual investor meeting.
So ExxonMobil’s pursuit of lithium extraction isn’t because it cares about reducing its emissions. It’s because it’s a good business move, it knows how to extract things from the earth, and it knows the EV revolution isn’t going to slow, so it’s getting on the bandwagon. Hey, whatever it takes.
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When the $7,500 Federal EV tax credit expired September 30th, a number of carmakers leaped into action, offering rebates, price cuts, and promos of their own in a bid to keep the good times rolling. Now, it seems like even Rolls-Royce is getting in on the act with a fresh $5,000 rebate of its own for November.
CarScoops is reporting a rare lease incentive offering on the ultra-luxe Rolls-Royce Spectre electric coupe that it says, “replaces the expired $7,500 Federal EV tax credit.”
Granted, with the price of the base Spectre starting at $397,750 and climbing quickly to $467,750 for the Spectre Black Badge model, the big coupe is well above the old $80K cap and its buyers likely make far too much to qualify anyway — but if there’s one thing I’ve learned from my few brushes with Real Wealth™, it’s this: those hate paying taxes.
As such, it’s not that hard to imagine a Rolls-Royce salesperson explaining this in those terms. “This isn’t a discount or a sale or anything so gaudy,” he’d explain, dismissing any concern as petty as price. “We’re simply honoring the tax credit that you deserve.”
Rolling deep
The Rolls-Royce Spectre first rolled (Ha!) into showrooms in 2023 with a perfect sufficient 430 kW (577 hp) electric motor drawing energy from a stout, 120 kWh battery pack good for up to 265 miles (~425 km) of range. The Black Badge version bumps the horsepower to 650 (485 kW), but the purists will tell you that either number is enough.
You can find out more about Rolls-Royce’ EV leas deals, below, then let us know what you think about this sordid business of “discount dash” in the comments section at the bottom of the page.
SOURCE: CarScoops; images via Rolls-Royce.
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Germany is about to become home to Europe’s largest battery storage system – a massive 1 gigawatt (GW) / 4 gigawatt-hour (GWh) project in Jänschwalde, Brandenburg.
LEAG Clean Power GmbH and Fluence Energy GmbH, a subsidiary of US-based Fluence Energy (NASDAQ: FLNC), are teaming up to build the “GigaBattery Jänschwalde 1000.” The four-hour system will use Fluence’s Smartstack technology, its latest large-scale energy storage solution.
Once complete, Europe’s largest battery storage project will play a key role in stabilizing Germany’s grid and storing renewable power for when the sun isn’t shining and the wind isn’t blowing. It’s designed to deliver essential grid services, support energy trading, and boost energy security as the country phases out fossil fuels.
LEAG’s broader “GigawattFactory” plan combines solar and wind farms with flexible power plants and large-scale batteries across Germany’s Lusatian energy region. “By constructing gigascale storage facilities, we’re addressing one of the biggest challenges of the energy transition: ensuring constant power regardless of the availability of renewable energies,” said Adi Roesch, CEO of the LEAG Group.
Fluence CEO Julian Nebreda described the project as a “milestone for the energy future of Germany and Europe,” adding that it demonstrates how collaboration and cutting-edge technology can “transform the foundation of our economy and our everyday lives.”
The German government recently reaffirmed the importance of storage in building a secure and affordable clean power system. With this 4 GWh giant, LEAG and Fluence are implementing that priority in one of Europe’s most coal-heavy regions.
Read more: Battery boom: 5.6 GW of US energy storage added in Q2
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