Oil giant Exxon Mobil has announced the acquisition of a drill operation in Arkansas that will expand its efforts to enter the lithium production side of the electric vehicle supply chain. The oil and gas company plans on producing lithium, a mineral critical to the development of electric vehicle batteries as soon as 2027.

Exxon Mobil decided to venture into the electric-vehicle battery-metal production segment. The company started by purchasing a whopping 120,000 acres of…

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