Equinor (EQNR) and Standard Lithium (SLI) said Thursday that the US Department of Energy has finalized the $225 million grant for the South West Arkansas Lithium project.
Standard Lithium said the grant will help with the construction of the first phase of the project, which is 55% owned by Standard Lithium and 45% by Equinor.
The project will produce 45,000 tonnes of lithium carbonate per year, developed in two phases of 22,500 tonnes each, Standard Lithium said.
The company said the partnership hopes to make a final investment decision by the end of this year, with phase 1 production starting as soon as 2028.
Shares of Standard Lithium rose 6.7%, while Equinor fell 2.6% in recent premarket activity Thursday.
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