Industrial group Koch Strategic Platforms (KSP), a subsidiary of Koch Investments Group, will make a $100-million investment in technology and lithium project development company Standard Lithium through a direct private placement.
KSP will subscribe for 13.48-million shares of Standard Lithium at C$9.43 each, for gross proceeds of C$127-million ($100-million).
The net proceeds of the investment will be used to continue advancing the first commercial project proposed for the Lanxess facility, in southern Arkansas. Standard Lithium is testing the commercial viability of lithium extraction from more than 60 700 ha of permitted brine operations.
Standard Lithium has commissioned an industrial-scale direct lithium extraction demonstration plant at Lanxess's south plant facility. The demonstration plant uses the company's proprietary LiSTR technology to selectively extract lithium from Lanxess's tail brine.
Standard Lithium CEO Robert Mintak commented that KSP had an impressive track record of investing in disruptive technologies and that its backing was an important endorsement of the company’s core technology, development plans and of its intent to make the Gulf Region a leading supplier of lithium resources.
KSP president David Park added that KSP’s investment Standard Lithium could help accelerate the production of lithium resources in the US.