(Updates shares.)
Standard Lithium (SLI.V) shares were last seen up 4.7% as its SWA Lithium joint venture with Equinor (EQNR) closed a US$225 million grant from the U.S. Department of Energy's Office of Manufacturing & Energy Supply Chains.
Standard Lithium said the funds will be used to support phase one construction of the South West Arkansas project.
"Closing of the DOE grant is a testament to the caliber of the South West Arkansas project," said chief executive David Park "SWA is one of the highest-grade lithium brine projects in North America, and through the use of [direct lithium extraction] technology, a near-term, sustainable opportunity to help secure America's domestic lithium supply chain."
A definitive feasibility study and front-end engineering design for the project are currently underway. A final investment decision is expected by the end of 2025, with phase one production commencing as soon as 2028.
The project is 55% owned by Standard Lithium and 45% by Equinor.
Standard shares were last seen up $0.11 to $2.46 on the TSX Venture Exchange.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.