24 Nov Standard Lithium taps $100 million investment from Koch Strategic Platforms
US-focused Standard Lithium announced yesterday that a subsidiary of Koch Investments Group is set to make a US$100 million investment in the company through a direct private placement, in support of its strategic development goals.
Koch Strategic Platforms (KSP) will action the direct investment after performing extensive due diligence on Standard’s LiSTR direct lithium extraction (DLE) technology, demonstration plant and project development objectives.
The TSXV and NYSE-listed company’s flagship project is located in Southern Arkansas, where it is engaged in testing and proving the commercial viability of lithium extraction from over 150,000 acres of permitted brine operations.
An industrial-scale DLE demonstration plant has been commissioned within an existing facility at Standard’s joint venture partner Lanxess in Southern Arkansas. The demonstration plant utilises Standard’s proprietary LiSTR technology to selectively extract lithium from Lanxess’ tail brine.
According to Standard, DLE resembles a scalable, environmentally friendly process that eliminates the use of evaporation ponds, reduces processing time from months to hours and greatly increases the effective recovery of lithium.
Under the private placement, KSP will acquire approximately 13.48 million common shares of Standard at a price of $7.42 per share. The proceeds will go towards advancing the first commercial project proposed for the Lanxess facility, along with the development of Standard’s lithium project.
“We’re entering an important phase for Standard Lithium, and we’re thrilled to be starting it with a globally recognised industrial leader like KSP as a partner,” Standard CEO Robert Mintak said in a press release.