On May 8, 2024, Standard Lithium Ltd. closed a strategic partnership with Equinor ASA to accelerate the development of its lithium projects in the Smackover Formation. The transaction, valued at up to $217.6 million (US$160 million), includes Equinor's acquisition of a 45% stake in two Standard Lithium subsidiaries for an initial $40.8 million (US$30 million) cash payment and commitments to invest an additional $$177.6 million (US$130 million), contingent on positive Final Investment Decisions by both parties.

The investment covers $81.6 million(US$60 million) in work programs, including a $44.9 million(U$33 million) carry for Standard Lithium and $36.7 million (US$27 million) for Equinor’s share at the South West Arkansas Project (SWA) and East Texas properties (ETX). Additionally, Equinor will fund the first $54.4 million(US$40 million) of development costs at SWA and $27.2 million (US$20 million) in exploration at ETX, with further expenditures shared pro-rata. Standard Lithium retains 55% ownership and operatorship of the projects.

Dr. Andy Robinson, Standard Lithium's President and COO, highlighted the partnership's role in validating their technology and resources. CEO Robert Mintak emphasized the strategic alignment and potential to advance sustainable lithium production. Morten Halleraker of Equinor expressed confidence in leveraging both companies' expertise for the energy transition.

Citi acted as the financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP and Cassels Brock and Blackwell LLP served as legal advisors for Standard Lithium. Hogan Lovells represented Equinor.