A massive lithium reserve of 19 million tons has been discovered beneath southwestern Arkansas, potentially meeting the world's electric vehicle battery demand nine times over in 2030. This "new oil" could revolutionize the EV industry and significantly impact the global lithium market [1].
*Key Details:*
- *Lithium Reserve:* 19 million tons discovered in the Smackover formation
- *Extraction Method:* Direct lithium extraction (DLE) technology will be used to separate lithium from brine
- *Partnership:* ExxonMobil has signed a deal with SK On to supply lithium for approximately 1 million EV batteries annually by 2030
- *Impact:* Could replace US imports of lithium and support the build-out of a US EV supply chain
This discovery might also benefit companies like Tesla, which has invested $365 million in a lithium refinery in Texas. The refinery is expected to produce enough lithium to support battery production for 1 million electric vehicles per year.
*Potential Benefits:*
- Reduced reliance on foreign lithium
- Boost to the US EV industry
- Increased supply chain resilience
- Job creation and economic growth
The discovery of this massive lithium reserve could be a game-changer for the EV industry and the global transition to clean energy.
