09:01 AM EST, 01/16/2025 (MT Newswires) -- 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 ( SLI ) said the grant will help with the construction of the first phase of the project, which is 55% owned by Standard Lithium ( SLI ) and 45% by Equinor ( EQNR ).

The project will produce 45,000 tonnes of lithium carbonate per year, developed in two phases of 22,500 tonnes each, Standard Lithium ( SLI ) 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 ( SLI ) rose 6.7%, while Equinor ( EQNR ) fell 2.6% in recent premarket activity Thursday.