24/7 Market News Snapshot 20 September, 2024 – Standard Lithium Ltd. (NYSE:SLI)

September 20, 2024

DENVER, Colo., 20 September, 2024 (247marketnews.com) – (NYSE:SLI) are discussed in this article.
Standard Lithium Ltd. has seen a robust increase in its stock price, opening today at $1.38 and currently trading at $1.395, reflecting a notable rise of approximately 10.71% from the previous close of $1.260. This movement indicates strong market interest, as evidenced by a trading volume of 1.92 million shares. Investors are encouraged to observe critical technical levels, identifying resistance at $1.40 and support at $1.30, to better understand the potential for further upward momentum in the stock.

In a significant development for sustainable lithium production, Standard Lithium Ltd., in partnership with Equinor, has been selected to negotiate for an award of up to $225 million from the U.S. Department of Energy (DOE). This substantial funding is a key component of the Infrastructure Investment and Jobs Act initiative, designed to strengthen domestic manufacturing and critical mineral production.

The financial support aims to facilitate the establishment of a Central Processing Facility (CPF) in South West Arkansas, which is projected to produce 22,500 tonnes of battery-quality lithium carbonate annually. Benefitting from innovative Direct Lithium Extraction (DLE) technology, the CPF is positioned as a vital component in expanding the United States’ lithium market.

With Standard Lithium owning 55% and Equinor 45% of the joint venture, the collaboration underscores the importance of developing a resilient domestic supply chain for critical minerals, essential for energy storage and electric vehicles. The project has ambitious goals, targeting an eventual total output of 45,000 tonnes per annum across two phases.

David Park, CEO of Standard Lithium, remarked that the DOE funding selection highlights the project’s caliber and commitment to sustainable lithium supply chains. Meanwhile, Equinor’s Vice President of U.S. Lithium, Allison Thurmond, emphasized lithium’s crucial role in supporting America’s transition to clean energy. The project is also set to generate approximately 300 construction jobs, contributing to local economic development.

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