Chevron has acquired 125,000 net acres in Texas and Arkansas to develop domestic lithium, utilizing a direct lithium extraction process to extract the product from the Smackover Formation.

Chevron said on Tuesday its has acquired on lease about 125,000 net acres in northeast Texas and southwest Arkansas, marking the entry of the U.S. oil major into domestic lithium production.

Multinational oil giant Chevron announced Tuesday that it has struck a deal with energy start-up TerraVolta to jump into the lithium extraction game in south Arkansas and east Texas.