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On Tuesday Phillips 66 (NYSE:PSX) announced the launch e-Shield, high-performance lubricant solutions tailored for electric vehicles.
What Happened: Phillips proprietary lubricants include a system fluid, grease and coolant products specifically formulated for EVs. The products are designed with unique thermal and conductive properties to increase vehicle performance by running at a lower temperature and holding a battery charge for longer periods of time.
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"The Phillips 66 e-Shield EV system fluid outperformed other fluids by extending the driving range of vehicles," said Scott McQueen, Phillips 66 manager of lubricants research and product management.
Why It Matters: With EVs becoming more common, consumers will be looking for products to increase performance and extend the life of the electric vehicles.
“We are constantly working to develop products that will meet the needs of an evolving market, and our new e-Shield line is no exception,” said Chundi Cao, Phillips 66 senior engineer.
What’s More: Phillips is also a major supplier of graphite needle coke used to manufacture lithium-ion batteries for the EV market. On Feb. 25, the company announced it was developing technology with Faradion for a sodium-ion-powered vehicle. Unlike lithium-ion batteries which require scarce resources such as cobalt, graphite and rare earth elements, sodium-ion batteries use widely available, cost-effective and sustainable materials.
PSX Price Action: Phillips stock was trading up 2.46% to $87.50 at publication.
Related Link: What's going on in the EV world? Check out Benzinga on YouTube.
(Photo: Phillips 66)
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.