Fastmarkets’ Fast Forward podcast Black gold: How big oil is fuelling change in the global EV market
May 27, 2025
In this episode, Dan Holton, the Senior VP of Low Carbon Solutions at ExxonMobil, reveals how big oil is pivoting towards lithium extraction to support the energy transition. He discusses the innovative direct lithium extraction technology and its environmental benefits. Holton explains ExxonMobil's strategy to integrate their oil expertise into the lithium market, addressing supply chain dynamics and the geopolitical complexities of lithium production. A fascinating dive into how lithium could become the 'new oil' awaits!
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ExxonMobil's Lithium Strategy
- ExxonMobil leverages its expertise in geology, drilling, and chemical processing for lithium extraction.
- Lithium aligns with ExxonMobil's evolution as a technology company addressing societal needs.
The And Equation Approach
- ExxonMobil sees future energy demand growing and views oil, gas, and lithium as complementary.
- They emphasize an 'and' equation, not an 'or', integrating traditional and low-carbon solutions.
Lithium Battery Roots at ExxonMobil
- Stanley Whittingham pioneered rechargeable lithium-ion batteries at an ExxonMobil lab in 1976.
- ExxonMobil has a long history in battery technology, which supports their lithium business today.