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Standard Lithium (TSXV: SLI) announced on Thursday that it has closed a $225 million grant from the U.S. Department of Energy to to support the construction of Phase 1 of the South West Arkansas (SWA) lithium project.
Since December, Standard Lithium has operated a pilot direct lithium extraction (DLE) plant at SWA, which is owned in collaboration with Norway’s state-owned petroleum company Equinor (NYSE: EQNR).
The pilot plant is expected to operate until late January 2025, producing 1,000 gallons (3,785 liters) of a 6% lithium chloride (LiCl) solution.
A Definitive Feasibility Study (DFS) and Front-End Engineering Design (FEED) for the SWA project are currently underway. The partnership is targeting a Final Investment Decision (FID) by the end of 2025, with Phase 1 production slated to begin as early as 2028.
“SWA is one of the highest-grade lithium brine projects in North America,” said David Park, CEO and Director of Standard Lithium.
“Through the use of DLE technology, this project presents a near-term, sustainable opportunity to help secure America’s domestic lithium supply chain.”
Standard Lithium aims to achieve a total output of 45,000 tonnes of lithium annually at the SWA site, developed in two phases of 22,500 tonnes each.
As of 10:20 a.m. EDT, shares of Standard Lithium rose 2.5%. The company’s market capitalization stands at C$457 million ($318 million).
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