08:44 AM EDT, 05/08/2024 (MT Newswires) -- Standard Lithium ( SLI ) said on Wednesday that it teamed up with U.S.-listed Equinor to accelerate the development of Standard Lithium's ( SLI ) South West Arkansas and East Texas lithium projects.

According the Standard Lithium ( SLI ), the agreement includes Equinor's contribution of up to US$160 million. The investment includes a US$30 million cash payment to Standard Lithium ( SLI ) at closing, a US$60 million work program funded by Equinor, and up to US$70 million in payments to Standard Lithium ( SLI ) subject to both parties taking positive final investment decisions.

Standard Lithium ( SLI ) and Equinor will own 55% and 45% of the projects respectively, with Standard Lithium ( SLI ) serving as operator.

"We're at a crucial stage in our company's growth and this partnership with Equinor will be fundamental to the continued de-risking and execution of these important projects," said Andy Robinson, Standard Lithium's ( SLI ) president and chief operating officer.

Standard Lithium's ( SLI ) share price jumped 2.8% to US$1.36 at last look in U.S. pre-market trading. The company's share price dropped 5.3% to $1.78 in Canada yesterday.