A Norway company has reached agreement to become part-owner of a lithium extraction company located in El Dorado, Arkansas where it is hoping to take advantage of the electric vehicle battery developments.
Standard Lithium Ltd. announced the new partnership is with publicly traded Equinor ASA. As Arkansas Business reported, the deal with the Norway firm is worth nearly $160 million.
Equinor specializes in renewables and as a result of the deal will own 45% of Standard’s plant in Arkansas and it will also assume the same stake in the company’s east Texas drilling properties.
Standard, based in Vancouver, British Columbia, will get a $30 million cash payment at closing of the deal.
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