(CercleFinance.com) – Equinor announces that it has reached an agreement with Standard Lithium Ltd to acquire a 45% share in two companies involved in lithium projects in Arkansas and Texas.
“Sustainably produced lithium can be a catalyst for the energy transition, and we believe this can become an attractive business,” highlighted Morten Halleraker, senior vice president for new business and investments in technology, digital and innovation at Equinor.
Under the terms of the agreement, Equinor will pay consideration of $30 million to Standard Lithium and assume Standard Lithium’s capital expenditure of $33 million to progress the assets towards a possible final investment decision.
Equinor will make milestone payments of up to $70 million in total to Standard Lithium if a final investment decision is made.
Standard Lithium and Equinor will own 55% and 45% respectively of the two project companies, with Standard Lithium retaining the position of operator.
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