Exxon Mobil (XOM, Financial) is set to meet with Chilean officials to explore lithium investment opportunities, as fossil fuel companies increasingly look to expand into the key electric vehicle battery material, Reuters reported Wednesday.
A Chilean representative for Exxon reportedly met with the country's mining ministry officials last month, discussing an upcoming visit by executives interested in lithium projects. Exxon has been developing direct lithium extraction (DLE), a process that separates lithium from brine, which Chile supports as a more environmentally friendly method.
Exxon isn't the only energy company making moves in lithium. SLB (SLB, Financial), a top U.S. oilfield services firm, has also been expanding into the sector. SLB's Head of Mining, Nicholas Lugansky, met with a Chilean mining official in January to discuss the company's New Energy unit, which includes lithium projects. SLB is already among the eight companies selected by the Chilean government to test lithium extraction technology in the Altoandinos salt flats.
Currently, Chile's lithium production comes from just two companies: SQM (SQM) and Albemarle (ALB).
