ExxonMobil, the country’s largest oil and gas company, says it has developed a more advanced form of graphite that could help extend the lifespan of electric vehicle (EV) batteries.
CEO Darren Woods called the technology a “revolutionary step change in battery performance” at the University of Texas at Austin’s Energy Symposium on Friday. He said it’s already being tested by several EV manufacturers, Bloomberg reports.
This new synthetic graphite is used on a battery’s anode, its negative electrode that discharges electrons. It could allow EVs to charge faster and travel farther on a single charge.
“We’ve invented a new carbon molecule that will extend the life of the battery by 30%,” Woods said at the symposium.
It seems a bit ironic that Exxon, which has long been criticized for contributing to climate change and faces several state lawsuits for allegedly misleading the public about fossil fuel risks, is now moving into EV tech. But it’s not entirely surprising. The company has a long history of researching and advancing fossil fuel alternatives. For instance, it actually invented the lithium-ion battery in the early 1970s.
“We don’t do wind and solar, we have no issues with wind and solar, but we don’t have capability in that space,” Woods told symposium attendees. “But we do have capability of transforming molecules, and there are enormous opportunities in that space to use hydrogen and carbon molecules to meet the growing demand.”
But the company usually only pursues such projects if they make sense for its bottom line. In August, Exxon said it might delay a low-carbon hydrogen and ammonia project due to limited customer interest.
Conversely, Exxon is betting that EV batteries could be a good long-term investment. U.S. EV sales may have dipped recently, but Exxon expects demand to rise over time.
“Like in any market, there are fluctuations in the near term,” Dave Andrew, Exxon’s vice president of new market development, told The New York Times. “But we fundamentally see the demand for batteries, electric vehicles, and increasingly large-scale energy storage solutions increasing over the longer term.”
Most of the material used in batteries today comes from China. Producing graphite for batteries in the U.S. could provide both political and financial advantages for Exxon, especially under Trump-era tariffs.
This week, Exxon announced it acquired several production and tech assets from Chicago-based Superior Graphite. Exxon aims to scale up manufacturing, with commercial production targeted for 2029.
“Synthetic graphite can play a critical role in the energy transition. It’s a key component in electric vehicles and battery energy stationary storage solutions,” Exxon said in a press release. “We anticipate the demand for higher performance batteries will continue to grow, therefore also increasing demand for higher performance graphite materials.”
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