Exxon Mobil (NYSE:XOM) announced it has developed a new synthetic graphite that could extend the life of electric-vehicle batteries by up to 30%.

Exxon recently acquired production assets from Chicago’s Superior Graphite to support large-scale manufacturing and aims to begin commercial output by 2029.

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Exxon intends to leverage its refineries, chemical plants, and labs to supply materials critical to the energy transition. The Texas oil major is also pursuing lithium extraction while continuing to explore opportunities in hydrogen and carbon-based technologies.

Exxon has a long history of battery innovation. In the 1970s, it helped invent the lithium-ion battery and later developed materials for rechargeable versions.

However, Woods flagged uncertainty around the company’s low-carbon hydrogen projects. Exxon may delay a planned Baytown, Texas, facility due to weak customer demand and tighter timelines to claim U.S. hydrogen tax credits under President Trump’s recently passed energy bill.

Price Action: XOM shares are up 0.11% at $112.27 at the last check on Friday.

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