07:22 AM EDT, 09/20/2024 (MT Newswires) -- Standard Lithium ( SLI ) and Equinor ( EQNR ) said Friday that their jointly-owned US subsidiary, SWA Lithium LLC, has been selected for up to $225 million award negotiation by the US Department of Energy.

The funding is expected to support the construction of the Central Processing Facility for phase 1 of the South West Arkansas project, designed to annually produce 22,500 tonnes of battery-quality lithium carbonate.

The provisional grant is conditional upon the completion of successful final negotiations with the Department of Energy, the companies said.

Standard Lithium ( SLI ) shares were 2% higher in recent premarket activity.

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