Yes, there is a project implementing exfat and the related utilities at relan/exfat.
To format a partition, use
mkfs.exfat like with most filesystems, e.g.:
As for creating the partition in the first place, this is the same as for any other filesystem. Create a partition in your favourite partition manager. If you have a MBR partition type, set its type to NTFS (that is code
Note, that some distributions only package the fuse module, so you may have to build it yourself.