Normal Lithium’s flagship challenge is situated in southern Arkansas, the place it’s engaged within the testing and proving of the industrial viability of lithium extraction from over 150,000 acres of permitted brine operations.
An industrial-scale DLE demonstration plant has been commissioned at Lanxess’s south plant facility in southern Arkansas. The demonstration plant makes use of Normal Lithium’s proprietary LiSTR know-how to selectively extract lithium from Lanxess’s tail brine.
Based on Normal Lithium, this scalable, environmentally pleasant course of eliminates using evaporation ponds, reduces processing time from months to hours and tremendously will increase the efficient restoration of lithium.
Beneath the non-public placement, KSP will purchase roughly 13.48 million widespread shares of Normal Lithium at a worth of C$9.43 ($7.42) per share, representing gross proceeds of C$127 million ($100 million).
Proceeds of the funding can be utilized by Normal Lithium to proceed advancing the primary industrial challenge proposed for the Lanxess facility, in addition to to speed up and broaden the event of its South West Arkansas lithium challenge, comprising 30,000 acres of separate brine leases.
The funds would additionally permit the corporate to proceed to develop and commercialize trendy lithium extraction and processing applied sciences, and permit for strategic challenge expansions.
Along with the brand new capital, Normal Lithium mentioned it’s exploring alternatives to work with a number of Koch Industries subsidiaries in key areas of alignment with the corporate’s challenge improvement wants.
“We’re coming into an vital section for Normal Lithium, and we’re thrilled to be beginning it with a globally acknowledged industrial chief like Koch Strategic Platforms as a companion,” Normal Lithium CEO Robert Mintak mentioned in a press launch.
Shares of Normal Lithium surged 11.8% by 12:30 p.m. in Toronto following the KSP funding, giving the lithium improvement firm a market worth of C$1.83 billion.