Standard Lithium is a development-stage lithium company focused on extracting lithium from underground brines in the Smackover Formation, a deep geological brine layer spanning southern Arkansas and East Texas. The company has no revenue and is working toward building its first commercial plant. Standard Lithium's flagship asset is the South West Arkansas (SWA) Project in Lafayette County, Arkansas, where the company plans to pump lithium-rich brine from depths of roughly 2,600–2,900 meters, extract lithium using Direct Lithium Extraction (DLE) technology, and produce battery-grade lithium carbonate on-site. Phase 1 targets 22,500 tonnes per year of lithium carbonate over a 20-year operating life, with a Final Investment Decision targeted by end of 2025 and first production targeted for 2028. Standard Lithium also holds the earlier-stage Franklin Project in East Texas, where brines contain lithium alongside bromide and potassium co-products. Standard Lithium owns 55% of both projects, with Equinor holding the remaining 45% following a 2024 partnership deal. The SWA Project carries an initial capital cost of ~$1.45B, partially funded by a $225M DOE grant and targeted project debt financing. Standard Lithium uses DLE technology — specifically the Li-Pro™ LSS process — which selectively extracts lithium ions directly from brine without requiring the arid climate needed for traditional evaporation-based extraction. The company operates one of North America's largest continuously running DLE demonstration facilities near El Dorado, Arkansas. Standard Lithium's end customers would be battery manufacturers and industrial lithium consumers seeking U.S.-sourced supply.