Equinor, a major player in the oil and gas industry, is making a bold move into the world of lithium extraction with its recent investment in two lithium projects in Texas and Arkansas. Partnering with Standard Lithium, Equinor has acquired a 45% interest in these projects, with the potential to invest over $130 million.
Standard Lithium, based in Vancouver, will retain a 55% ownership stake and continue to operate the projects. Equinor will not only provide financial backing but also bring its expertise in subsurface and project execution to the table.
The decision to move into lithium extraction comes after Standard Lithium reported finding the highest concentration of lithium brine in North America at its Texas project last year. This new partnership with Equinor will help advance the projects towards a final investment decision on large-scale development.
The growing interest in direct lithium extraction technology, which offers a more efficient method of extracting high-purity lithium for battery production, has prompted Equinor to make this strategic investment. With plans to potentially produce enough lithium for 1 million electric vehicles by 2030, Equinor is positioning itself as a key player in the renewable energy sector.
Standard Lithium CEO, Robert Mintak, expressed excitement about the partnership, emphasizing the importance of strategic collaborations in the industry. This new venture underscores the shift towards more sustainable energy sources and the significant role that lithium extraction will play in the future of renewable energy.
