ExxonMobil and SK On collaborate on U.S.-produced lithium for EV batteries, while Sany reveals revenue from electric and hydrogen products in 2023, highlighting the shift towards green energy solutions in the industry.
ExxonMobil Partners with SK On for U.S.-Produced Mobil™ Lithium
ExxonMobil (NYSE: XOM) has signed a non-binding memorandum of understanding (MOU) with SK On, a global electric vehicle (EV) battery manufacturer. The agreement is set to initiate a multiyear supply deal, potentially providing up to 100,000 metric tons of Mobil™ Lithium from ExxonMobil’s project in Arkansas. SK On plans to use this lithium in its U.S. EV battery production.
ExxonMobil aims to supply lithium for about 1 million EV batteries annually by 2030. The project involves extracting lithium from underground saltwater deposits in Arkansas, converting it into battery-grade material on-site. This process is designed to be more efficient and environmentally friendly than traditional mining.
Dan Ammann, President of ExxonMobil Low Carbon Solutions, emphasized the importance of domestic lithium production for energy security and climate objectives. SK On operates two battery plants in Georgia and is constructing four more in partnership with Ford and Hyundai. By 2025, SK On’s U.S. production capacity is expected to exceed 180 GWh annually.
Park Jong-jin, Executive Vice President of Strategic Procurement at SK On, stated that the partnership with ExxonMobil will strengthen U.S. battery supply chains.
Sany’s Revenue from Electric and Hydrogen Products in 2023
Chinese construction equipment manufacturer Sany reported that it generated CNY 3.1 billion (US$434.8 million) from electric products and CNY 130 million (US$17.8 million) from hydrogen products in 2023. Sany launched over 130 new energy products, including the world’s first fully electric rotary drilling rig and a hydrogen energy mixing truck. Sany obtained 275 low-carbon patents and launched several electric drive bridges for various heavy vehicles.
In 2023, sales of Sany’s electric mixer trucks increased by 47%, and strong sales were reported for electric cranes. Xiang Wenbo, rotating chairman of Sany Group, stated the company’s commitment to green and sustainable development, aiming for carbon neutrality.
With total revenue of US$10.2 billion in 2023, sales of electric products accounted for approximately 4.3% of Sany’s total sales, while hydrogen products were less than 0.2%. Most sales of new energy machines were expected within China.
