08:40 AM EST, 01/16/2025 (MT Newswires) -- Standard Lithium ( SLI ) jumped 8.9% at last look Thursday in NYSE American pre-market trading as its SWA Lithium joint venture with Equinor closed a US$225 million grant from the U.S. Energy Department's Office of Manufacturing & Energy Supply Chains.

Standard Lithium ( SLI ) said the funds will be used to support phase one construction of the South West Arkansas project.

"Closing of the DOE grant is a testament to the caliber of the South West Arkansas project," said David Park, CEO and director of Standard Lithium ( SLI ). "SWA is one of the highest-grade lithium brine projects in North America, and through the use of [direct lithium extraction] technology, a near-term, sustainable opportunity to help secure America's domestic lithium supply chain."

A definitive feasibility study and front-end engineering design for the project are currently underway. A final investment decision is expected by the end of 2025, with phase one production commencing as soon as 2028.

The project is owned 55% by Standard Lithium ( SLI ) and 45% by Equinor.