From Arkansas Business Morning Roundup
We’ve closely followed the lithium developments in the Smackover play of southern Arkansas and now there’s a report how one such company recently attracted more than $1 billion in financing interest.
Smackover Lithium drew the interest, according to Arkansas Business as it attributed the report to Reuters. Owned jointly by Standard Lithium and Equinor, the company’s goal is $1.1 billion.
Read below
Arkansas Lithium Project Draws Global Backing
Smackover Lithium has attracted more than $1 billion in financing interest for its Arkansas lithium project, Reuters reports.
- The venture is jointly owned by Standard Lithium and Equinor, with Standard Lithium holding a 55% stake and serving as operator
- The joint venture is seeking up to $1.1 billion in senior secured debt to fund most of the project’s $1.45 billion first phase
- Export credit agencies, including the U.S. Export-Import Bank and Export Finance Norway, expressed interest in providing debt financing
Financing framework: Financing would include loans and guarantees from export credit agencies and additional debt from commercial banks.
Federal backing: Earlier this year, Standard Lithium received a $225 million U.S. Department of Energy grant as it competes to be Arkansas’ first lithium producer.