Major Grant Sets Standard Lithium on a Growth Trajectory
Standard Lithium's Significant Grant Announcement
LEWISVILLE, Ark. — Standard Lithium Ltd. (TSXV:SLI) (NYSE American:SLI), a frontrunner in lithium development, in cooperation with Equinor, proudly announces its subsidiary, SWA Lithium LLC, has been chosen for grant negotiations amounting to up to $225 million from the U.S. Department of Energy (DOE). This substantial conditional award, managed by the DOE’s Office of Manufacturing and Energy Supply Chains, ranks as one of the largest allocated to U.S. critical minerals initiatives. This funding represents a significant stride under the Infrastructure Investment and Jobs Act, intended to amplify domestic manufacturing across the battery supply chain while boosting critical minerals production.
State Leaders Celebrate the Initiative
“Our state is committed to a comprehensive energy strategy,” said Arkansas Governor Sarah Sanders, expressing pride in Arkansas's diverse energy resources which now includes lithium. “Lithium has immense potential to invigorate our economy, and this announcement from Standard Lithium brings us closer to realizing that vision.”
The excitement echoed throughout the state, with Arkansas Secretary of Energy and Environment, Shane Khoury, remarking, “Congratulations to SLI and its partners! This funding is pivotal in establishing Arkansas as a global leader in lithium production, promoting an eco-friendly approach to extraction.”
Arkansas State Senator Matt Stone echoed the sentiment, stating, “This $225 million grant reaffirmatively positions Arkansas as an energy leader and is set to create numerous jobs.”
A Solid Investment in Local Communities
According to Senator Ben Gilmore, “This grant notably impacts our local communities, fostering economic growth and enhancing our supply chain resilience.” He emphasized that this initiative is crucial in reducing dependency on foreign entities for lithium sourcing.
Secretary of Commerce Hugh McDonald expressed enthusiasm for the opportunities that this award represents for Arkansans: “This signifies tremendous growth in our lithium industry, ensuring our state plays a critical role in North America's lithium supply chain.”
Local educational institutions are also rallying behind this development. Dr. Stephanie Tully-Dartez, president of South Arkansas College, affirmed, “We are thrilled with this support for our partner Standard Lithium and will provide continued assistance.”
Impact on Employment and Community Development
Former House Speaker Matthew Shepherd highlighted the broader implications of this funding, saying that it will not only create direct job opportunities but will also extend benefits to health, education, and workforce development within the community.
Dr. Summer Deprow, Chancellor of the University of Arkansas - Pulaski Tech, remarked on the importance of collaboration in workforce training as a part of the project’s goals, indicating strong educational partnerships in support of job creation.
Regional Investments in Lithium Extraction
Valarie Clark, Lafayette County Judge, and Columbia County Judge Doug Fields both expressed pride in Standard Lithium's accomplishments, highlighting the challenges overcome to secure this vital funding, which promises new jobs and community support.
Overview of the South West Arkansas Project
The South West Arkansas Project, in collaboration with Equinor, occupies areas in Lafayette and Columbia Counties. This project boasts significant lithium resources, recorded at 1.4 million tonnes indicated and 0.4 million tonnes inferred lithium carbonate equivalent. With a lithium concentration averaging 437 mg/L, it holds some of the highest lithium brine concentrations found in North America.
The designs for the direct lithium extraction and lithium carbonate production facilities are being developed for a 118-acre site in rural Lafayette County, positioned approximately seven miles south of Lewisville. The initiative is anticipated to generate around 300 construction jobs and 100 permanent positions, alongside substantial community investment aimed at enhancing local infrastructure and social programs.
The company has embarked on developing its Definitive Feasibility Study and Front-end Engineering Design as it moves forward.
Expert Guidance on the Project
Steve Ross, a qualified professional in the lithium sector and Vice President of Resource Development for Standard Lithium, has validated the scientific and technical assessments associated with this initiative, assuring stakeholders of sound management and execution.
About Standard Lithium
Standard Lithium focuses on sustainable lithium development, driving advancements in high-grade lithium-brine properties within the U.S. The company aims for commercial-scale lithium production via a direct lithium extraction method. Alongside their flagship projects located in the lithium-rich Smackover Formation, Standard Lithium is exploring additional opportunities in Texas and California's Mojave Desert.
As a publicly traded company on both the TSX Venture Exchange and NYSE American with the ticker symbols SLI, Standard Lithium continues to solidify its position as a major player in the U.S. lithium market.
About Equinor
Equinor stands as a prominent energy company dedicated to creating long-lasting value in a sustainable low-carbon future. With operations spreading across oil, gas, renewables, and low-carbon solutions, Equinor strives to achieve net-zero emissions by 2050, making significant investments in projects that support clean energy in numerous countries.
Frequently Asked Questions
What specific project is Standard Lithium working on with Equinor?
Standard Lithium is advancing the South West Arkansas Project, focusing on lithium extraction from brine resources.
How much funding has Standard Lithium received from the Department of Energy?
The company is in negotiations for an award of up to $225 million from the U.S. Department of Energy.
What is the significance of lithium production in Arkansas?
Lithium production is expected to energize the Arkansas economy and position the state as a leader in the global lithium supply chain.
How will the grant impact local job creation?
The project is anticipated to produce around 400 jobs, combining both construction and permanent positions within the state.
What are the broader implications of this project on the economy?
This investment is set to enhance community infrastructure, support healthcare initiatives, and foster workforce development alongside jobs growth.
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