JONESBORO, Ark. (KAIT) – Arkansas\u2019 lithium industry has made a major step forward.<\/p>\n
Smackover Lithium has signed a new deal to supply battery maker LG Energy Solution with lithium for the next 10 years when its Southwest Arkansas plant is up and running.<\/p>\n
The agreement is the company\u2019s second major customer deal this year, bringing it closer to a final investment decision.<\/p>\n
If approved, construction could begin soon \u2014 with production starting by 2029.<\/p>\n
\u201cWe are excited to be entering into this agreement with LG Energy Solution, one of the world\u2019s leading battery producers with a diverse and global customer base and a presence in many dynamic and growing industry segments.\u201d David Park, CEO of Standard Lithium, said. \u201dThe agreement further anchors our customer offtake portfolio, complementing the contract with Trafigura we announced in March of this year, and is another major milestone in the development of the SWA Project. We have now secured a vast majority of the offtake agreements needed to move forward with our Project financing plans and a Final Investment Decision. We expect this to be the beginning of a long and mutually beneficial partnership whereby we will provide LG Energy Solution with a long-term supply of U.S.-based and sustainably produced battery-quality lithium carbonate.\u201d<\/p>\n