(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.
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