119 Equinor has struck a deal with Standard Lithium Limited to acquire a 45% stake in lithium projects situated in Southwest Arkansas and East Texas. The agreement involves Equinor paying an initial $30 million to Standard Lithium and covering project expenses of up to $33 million. Additional payments of up to $70 million could be made by Equinor in the future if certain milestones are met and a final investment decision is reached. Equinor’s senior vice president, Morten Halleraker, highlighted the importance of sustainably produced lithium in the energy transition. The partnership allows Equinor to enter the lithium sector while focusing on environmentally friendly Direct Lithium Extraction (DLE) technologies. President Joe Biden’s climate change legislation, which offers significant subsidies for mineral producers like lithium and copper, has bolstered the demand for materials essential for electric vehicles, battery storage, and renewable energy equipment. You Might Be Interested In U.S. Airlines Group Files Lawsuit Against New York State Over Sick Leave Regulations Ford’s Q2 Profit Drops Amid Quality Issues and EV Struggles, Shares Fall Boeing Faces Delays and Financial Strain: Free Cash Flow Target Pushback and Stock Downgrade Highlight Challenges Boeing Secures $2.56 Billion Contract from U.S. Air Force for E-7A AEW&C Wedgetail Aircraft US Revokes Export Licenses for Intel, Qualcomm to Sell to Huawei, Citing National Security Concerns Berkshire Hathaway Trims BYD Stake: $39.8 Million Sold
