Standard Lithium finalizes its investment in Aqualung
President and COO Dr. Andy Robinson joins Aqualung’s Board of Directors
EL DORADO, Ark., May 12, 2022 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE American: SLI) (FRA: S5L), an innovative lithium technology and project development company, today announced an equity investment of $2.5 million in Aqualung Carbon Capture AS, a leader in carbon capture technology. Standard Lithium’s investment was part of a $10 million strategic funding round by Aqualung.
Dr Andy Robinson, President and COO of Standard Lithium, said:we started working with Aqualung in 2021 and are confident in its underlying technology and the management team’s strategy to commercialize their core carbon capture technology. This round of strategic investment has provided an ideal opportunity for Standard Lithium to take a more integrated approach as our company strives towards a future of low-carbon lithium chemical production. One of our goals is to both minimize and/or capture our CO2 emissions, and permanently sequester this CO2 in our future operations. We look forward to expanding our existing pilot project with Aqualung to support this ambition. Furthermore, I am delighted to join Aqualung’s Board of Directors and actively participate in the future of the company.
The carbon capture pilot project is being developed in conjunction with Aqualung and will be installed at a natural gas processing site in southern Arkansas (see press release of September 14, 2021). The design and manufacture of the pilot unit is underway and deployment to the site is scheduled for the third quarter of this year.
$2.5 million equity investment terms
Standard Lithium invested $2.5 million in exchange for 179,175 common shares of Aqualung. Coinciding with the company’s investment, President and Chief Operating Officer Dr. Andy Robinson joined Aqualung’s Board of Directors.
About Standard Lithium Ltd.
Standard Lithium is an innovative lithium technology and development company. The company’s flagship project is located in southern Arkansas, where it is engaged in testing and proving the commercial viability of extracting lithium from more than 150,000 acres of licensed brine operations. . The company operates its first utility-scale Direct Lithium Extraction (DLE) demonstration plant at the Lanxess South Plant in southern Arkansas. The demonstration plant uses the company’s proprietary LiSTR technology to selectively extract lithium from Lanxess tail brine. The demonstration plant is used for proof of concept and commercial feasibility studies. The scalable, environmentally friendly process eliminates the use of evaporation ponds, reduces processing time from months to hours, and dramatically increases efficient lithium recovery. The Company is also pursuing resource development of more than 30,000 acres of separate brine leases located in southwest Arkansas, called the Southwest Arkansas Lithium Project, and approximately 45,000 acres of mining claims located in the Mojave Desert of San Bernardino County, California.
Standard Lithium is jointly listed on the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at https://www.standardlithium.com.
On behalf of the Board of Directors of Standard Lithium Ltd.
Robert Mintak, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “expect”, “may”, “schedule ” and other similar words or phrases identify forward-looking statements or information. Such forward-looking statements or information may relate to future commodity prices, accuracy of mineral exploration or resource activities, reserves or resources, regulatory or governmental requirements or approvals, reliability of third-party information, continued access to mining properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulations in Canada and the United States, and other factors or information. These statements represent the Company’s current views with respect to future events and are necessarily based on a number of assumptions and estimates which, although considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and undertakes no obligation, to update such forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information other than those required by laws, rules and regulations.
CONTACT: For further information contact: LHA Investor Relations David Barnard +1 415-433-3777 [email protected] [email protected] Twitter: @standardlithium LinkedIn: https://www.linkedin.com/company/standard-lithium/