Exxon Buys Kentucky Battery Factory to Expand Energy Storage
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Exxon Mobil Corp. is buying a battery materials factory in southern Kentucky as the oil major pushes further into the growing market for energy storage.
The manufacturing facility in Hopkinsville, about an hour north of Nashville, is one of several assets Exxon is acquiring from Chicago-based Superior Graphite, Dave Andrews, Exxon’s vice president for new market development, said in an interview. It plans to begin producing synthetic graphite at the plant at commercial levels in 2029.
Exxon did not disclose the price of the acquisition.
The Texas oil giant is making several forays into low-carbon energy even as it expands fossil fuel production faster than its rivals. CEO Darren Woods wants a flexible portfolio within which the company can scale up or down as the energy transition develops. Woods is adamant Exxon will only invest in areas where it has a technological edge over peers, leading it toward businesses like carbon capture, hydrogen rather than wind or solar power.
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“We see strong demand, double digit growth in energy storage solutions over the medium term,” Andrews said.
Exxon will use Superior Graphite’s plants to mass-produce synthetic graphite, a proprietary product it has developed using materials from its refineries. This graphite, used in the anode part of a battery, provides “step out” performance with faster charging, more range and longer lifespan than regular batteries, Andrews said.
“Now we’re looking for ways we can produce that material in the most efficient way,” he said.
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Stanley Whittingham, an Exxon scientist, invented the lithium-ion battery at the company’s New Jersey research laboratories in the 1970s but the company failed to commercialize the now ubiquitous product found in mobile phones, laptops and electric vehicles.
Woods is looking to change that with the next generation of batteries. Exxon plans to become a major supplier of mined lithium by the end of the decade in addition to its graphite venture, with a focus on supplying electric vehicle manufacturers.
Exxon will also acquire Superior Graphite’s research facilities in Bedford Park, Ill., and take on about 150 employees as part of the purchase.
