ExxonMobil and Toray Form Global Battery Separator Film Joint Venture

It will develop, manufacture and sell lithium ion battery (LIB) separator film and introduce next-generation films to the market.

The joint venture will combine Toray’s plastic film processing and polymer science capabilities with Tonen’s existing lithium ion battery separator film business and technology. It will build on ExxonMobil’s more than 20 years of experience and success in providing separator films, including for use in the personal electronics market, as well as support the development of future LIB applications in hybrid-electric and electric vehicles.

"We believe the joint venture will accelerate the development of separator film technology to support the rapidly evolving lithium ion battery market faster than either company could do alone," said Jim P. Harris, senior vice president ExxonMobil Chemical Company.

Detailed agreements are being prepared in anticipation of the joint venture formation in January 2010. TonenGeneral and Toray Industries will each hold a 50 percent interest in the joint venture, with headquarters located in Tokyo.

“We are confident that Toray’s innovative ideas and technologies will enhance the capability of the joint venture to capture growth and meet the needs of the growing LIB market,” said Sadayuki Sakakibara, President, CEO and COO, Toray Industries Inc.

ExxonMobil Chemical is a global leader in technology, product quality and customer service with petrochemical manufacturing and/or marketing operations around the world. For more information visit: www.exxonmobilchemical.com.

TonenGeneral is an ExxonMobil affiliate and one of the world’s largest producers of separator film for lithium-ion batteries, and is a major manufacturer and marketer in Japan of petroleum fuels, lubricants and petrochemicals. TonenGeneral Sekiyu K.K. is listed on the 1st Section of the Tokyo Stock Exchange. For more information visit: http://www.tonengeneral.co.jp/apps/tonengeneral/english/index.html.

Toray Group is an integrated chemical industry group developing its business in 21 countries and regions worldwide. Toray Group fuses nanotechnology into its operations, using organic synthetic chemistry, polymer chemistry and biochemistry as its core technologies. In addition to the Foundation Businesses of fibers & textiles and plastics & chemicals, Toray likewise promotes the global development of IT-related products, carbon fiber composite materials, pharmaceuticals and medical products, and environment & engineering including water treatment and progress in other pivotal business fields. For more information, visit http://www.toray.com.