Sales of electric vehicles are growing strongly despite a certain unevenness in this growth across the globe. But overall, this growth is not strong enough to give battery researchers a break—work is still underway for batteries that are more reliable, faster to charge, and longer-living. In that, the EV industry may have a somewhat unlikely champion—none other than oil supermajor Exxon.
Last week, Exxon announced it had invented a new graphite molecule that could extend the life of an electric vehicle battery by as much as 30%. “We’ve invented a new carbon molecule that will extend the life of the battery by 30%,” chief executive Darren Woods said, as quoted by Bloomberg. It’s a “revolutionary step change in battery performance.” Woods added that several electric vehicle manufacturers were testing the new molecule.
The news came just days after Exxon said it had taken over a synthetic graphite maker, Superior Graphite, “to complement our planned entry into the battery anode graphite market.” The company said synthetic graphite is used in both EV batteries and battery storage systems. Exxon added that synthetic graphite was “a game changer” since it was easier to produce than mining natural graphite, which made it cheaper and more consistent in quality, which meant that “we can scale faster and smarter, all while producing a better graphite than what is available in the market today.”
The acquisition and the newly announced invention follow Exxon’s foray into lithium mining in 2023. The supermajor said it had plans to produce lithium in Arkansas and become a leading EV battery supplier by 2030 two years ago, despite stumbling EV sales in its home market. Exxon is targeting first lithium production for 2027 and is also evaluating growth opportunities globally. By 2030, the company aims to be producing enough lithium to supply the manufacturing needs of more than a million EVs per year.
With the latest developments, the energy major will have covered most of the supply chain for electric vehicle batteries. All it would need is demand—and that might become a problem before long. Earlier this month, Rho Motion reported that global sales of electric cars had gone up by a solid 15% in August. Since the start of the year, EV sales in Europe have swelled by 31%, with Germany and the UK boasting a sales rise of 45% and 31%, respectively, and Spain seeing a twofold increase in the period. In the United States, EV sales have accelerated as well, although by a much smaller margin.