Exxon Mobil says that it's planning to buy a production facility, research center and other assets from Superior Graphite, in a bid from the oil and gas giant to boost its electric vehicle battery business.
Speaking to The New York Times, Exxon VP of new market development Dave Andrew detailed how the company is looking to fill what he believes will be a longer term demand for batteries and EVs down the line, despite a recent countrywide slump in EV sales, costly Trump administration tariffs on imported materials, and the impending September 30 expiration of a $7,500 federal tax credit for EV purchases. But after buying assets from Superior Graphite, Exxon is hoping to start commercial-scale production of synthetic graphite for batteries in 2029.
Given that China produces and processes the vast majority of the world's supply of battery materials, Andrew asserts that Exxon's investment in graphite production will be "something that the U.S. domestic supply chain is looking for" in the years to come. The company is also working on a project to extract lithium from underground brine in Southwest Arkansas, and claims to be developing proprietary technology that would allow EV batteries to charge faster, and improve driving distances on a single charge by as much as 30%.
