Published on 9 May 2024 on Zacks via Yahoo Finance
Equinor (EQNR) Buys Stake in Standard Lithium's Two Projects
Equinor ASA EQNR has announced a major investment in lithium, the critical mineral powering the electric vehicle (“EV”) revolution. The company has acquired a 45% share in two lithium project companies based in Southwest Arkansas and East Texas, previously managed by Standard Lithium Ltd.
Per the deal, Equinor will pay Standard Lithium $30 million to cover past expenses related to the projects proportional to the acquired interest. Moreover, Equinor has committed to carrying $33 million in capital expenditure for Standard Lithium, which will help advance the projects toward a final investment decision. If this decision is affirmative, Standard Lithium stands to receive up to $70 million in milestone payments from Equinor.