Exxon working on direct air capture technology, not EV charging stations (NYSE:XOM)

Exxon Mobil (NYSE:XOM) is working on developing technology for direct air capture of carbon dioxide, but the company has no plans to invest in building electric vehicle charging stations, a company executive told Reuters in an interview Tuesday.

Exxon (XOM) could become a major DAC player if high costs come down and the technology advances to a point where it can work efficiently at scale, according to Matthew Crocker, senior VP in the company’s low-carbon solutions business.

Direct air capture “would link very closely to our [carbon capture and storage] business where we are going to have large geologic storage and the capability to capture CO2,” Crocker said. “That’s one component of reducing the cost of direct air capture.”

Exxon’s (XOM) energy transition strategy is focused on reducing carbon emissions from its business and CCS, rather than investing in renewable energy sources such as solar and wind, although it is also investing in hydrogen and biofuels.

The company also has no plans to invest in building EV charging stations because it is not an area in which it can bring significant competitive advantage, Crocker said.