Exxon moving from oil to batteries?

No future in oil?

ExxonMobil Chemical and ExxonMobil's Japanese affiliate, Tonen Chemical, have developed new film technologies for lithium-ion batteries with the potential to improve the energy efficiency and affordability of next generation hybrid and electric vehicles, states a press release from Exxon.

“By developing new film technologies that allow lithium-ion batteries to meet hybrid and electric vehicle requirements, ExxonMobil Chemical is helping to make next generation vehicles more energy and cost efficient, as well as lighter,” said Jim P. Harris, senior vice president, ExxonMobil Chemical Company. “We are currently working with industry-leading battery manufacturers to expand the boundaries of current hybrid and electric vehicle applications.”

According to the book ZOOM, oil is more and more being controlled by NOCs, or National Oil Companies. Thus, companies like Exxon are losing their position in the world of oil. Yes, Exxon will probably be a major oil player for many more years, but the Exxons of the world are going to have to diversify. Is this a step towards that diversification?