Exxon Mobil has introduced a new synthetic graphite technology that could extend the battery life of electric vehicles by 30%, CEO Darren Woods announced at the University of Texas at Austin’s Energy Symposium. The oil giant’s breakthrough promises to address key consumer concerns regarding electric vehicle adoption and strengthen the company’s position in the supply chain for the energy transition.

“We’ve invented a new form of carbon that will increase battery life by 30%,” Woods said during his keynote presentation, describing it as a “revolutionary leap in battery performance.” The innovation is already being tested by several electric vehicle manufacturers: the synthetic graphite is applied to the anode side of batteries, enabling faster charging, increased range, and extended battery lifespan, according to Bloomberg.

Strategic Acquisition Supports Production Goals

The announcement follows Exxon’s acquisition of production assets, technologies, and select international offices of Chicago-based Superior Graphite. The deal, with undisclosed financial terms, includes a manufacturing facility in Hopkinsville and a research and development center.

According to Bloomberg, Exxon plans to begin industrial-scale production of synthetic graphite by 2029. The company intends to leverage its existing refineries, chemical plants, and laboratories to produce materials critical to the energy transition, utilizing high-carbon raw materials from current refining streams to create, as Exxon claims, higher-quality graphite than what is currently available.