Exxon Mobil is drilling for lithium in Arkansas and expects to begin production by 2027

(AP) — Exxon Mobil is drilling for lithium in Arkansas and expects to begin production of the critical material for electric vehicles by 2027. 

Exxon on Monday announced the project and said by 2030 it expects to produce enough lithium to supply the manufacturing needs of more than 1 million electric vehicles. 

The oil giant in early 2023 acquired the rights to 120,000 gross acres of the Smackover formation in southern Arkansas. 

The formation is considered one of the most prolific lithium resources of its type in North America. 

The project comes as the U.S. faces a greater need for lithium sources to meet its clean energy goals.