Exxon Wants to Make More of the Materials Needed for E.V. Batteries

Exxon Mobil, the oil and gas giant, has announced its plans to expand into the production of materials needed for electric vehicle (EV) batteries. The company has acquired assets from a Chicago-based company, signaling its intention to start producing graphite, a crucial battery component, by the end of the decade. This move is seen as a strategic shift for Exxon, which has traditionally been focused on the extraction and refining of fossil fuels. The company's decision to venture into the EV battery supply chain reflects the growing demand for electric vehicles and the need for a reliable source of raw materials. Graphite is a critical material used in the anodes of lithium-ion batteries, which power most EVs. By investing in graphite production, Exxon aims to secure a steady supply of this essential component and position itself as a key player in the rapidly evolving EV market. The acquisition and Exxon's plans to start graphite production by 2030 suggest the company's commitment to diversifying its business and adapting to the changing energy landscape.