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takes energy storage spend to over $500 million with Standard Lithium","koch-takes-energy-storage-spend-to-over-500-million-with-standard-lithium","article/koch-takes-energy-storage-spend-to-over-500-million-with-standard-lithium",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":662,"featured":50,"reporter":663,"_editable":667,"component":668,"seo_title":553,"categories":669,"visibility":675,"author_company":49,"featured_image":676,"seo_description":662,"author_full_name":49,"author_job_title":49,"formattedDate":681,"formattedArticleDate":682},"365aaaa3-590b-4405-bea6-394aac695254","2021-11-24 00:00",[],[561],{"slug":562,"name":563,"content":564},"didi-bostock","Didi Bostock",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Editor - Energy Transition & Economics",{"filename":567},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":571,"content":572},"doc",[573,580,585,590,595,600,615,622,627,632,637,642,647,652,657],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579},"Koch Strategic Platforms will invest $100 million into lithium developer Standard Lithium, in the latest investment into the battery value chain by the subsidiary of the giant fossil fuel conglomerate.","text",{"type":574,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":579},"The deal will help the company move towards first commercial production of lithium from brine deposits in south Arkansas, in a boost to efforts to develop US production of the battery raw material.",{"type":574,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":579},"The deal expands Wichita-based Koch Industries’ investments in the clean energy space, following investments in lithium battery recycler Li-Cycle and zinc battery startup Eos Energy. The company has now invested over $500 million in the energy storage sector, according to calculations by Benchmark.",{"type":574,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":579},"In October Koch entered into a joint venture with the Norwegian battery startup Freyr to explore the construction of a 50 gigawatt-hour battery factory in the US.",{"type":574,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":579},"“Koch has been increasingly investing in energy transformation with a particular focus on the battery value chain,” Jeremy Bezdek, managing director of Koch Strategic Platforms, said. “We are working to meet the growing demand for diverse forms of energy and are bringing mutual benefit to our investment partners with more than just capital, but capabilities. That is why we are excited to partner with Standard Lithium as we believe their Arkansas projects are a bold step towards domestic lithium production.”",{"type":574,"attrs":601,"content":602},{"textAlign":49},[603,605,613],{"text":604,"type":579},"The investment comes as the administration of President Biden seeks to ",{"text":606,"type":579,"marks":607},"encourage domestic production and processing of battery raw materials such as lithium",[608],{"type":609,"attrs":610},"link",{"href":611,"uuid":49,"anchor":49,"target":49,"linktype":612},"https://source.benchmarkminerals.com/article/the-usa-begins-to-develop-its-lithium-ion-supply-chain-strategy","url",{"text":614,"type":579},", in an effort to reduce reliance on overseas suppliers.",{"type":616,"attrs":617,"content":619},"heading",{"level":618,"textAlign":49},4,[620],{"text":621,"type":579},"US produces less than 1% of the world’s lithium",{"type":574,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":579},"Currently, the only production of lithium in the US is from a small mine in Silver Peak, Nevada, operated by Albemarle, which is less than 1% of global supply, according to Benchmark’s Lithium Forecast. US lithium production is set to expand to 5% of global supply by 2030 as new projects start production.",{"type":574,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":579},"Koch Strategic Platforms is a subsidiary of Koch Industries, which is better known for its investments in fossil fuels. With annual revenues of over $100 billion, the company is bigger than the entire lithium industry.",{"type":574,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":579},"Standard Lithium said the deal will also give it an opportunity to work with other Koch companies, such as with the Koch Minerals & Trading group, which trades raw materials including lithium.",{"type":574,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":579},"Standard Lithium will sell 13 million shares in the company to Koch in a private placement at a price of $7.42 a share. Shares of Standard Lithium have risen by over 300% this year to trade at $9.24, valuing the company at $1.38 billion.",{"type":574,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":579},"Standard Lithium has built a demonstration plant to extract lithium from oil field brine that is pumped to the surface by the German chemical company Lanxess. Lanxess uses the brine to produce bromine.",{"type":574,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":579},"Standard Lithium says the plant, which opened last year, produces between 100 to 150 tonnes of lithium carbonate a year. It hopes to expand this to 20,900 tonnes per year of lithium carbonate, and eventually 70,000 tonnes a year.",{"type":574,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":579},"Standard Lithium says it has developed a proprietary “direct lithium extraction” method that can absorb lithium from the hot brine using a solid ceramic material. The lithium chloride can then be converted into lithium carbonate, which is used in batteries.",{"type":574,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":579},"The company says it can recover over 90% of the lithium contained in the brine and turn it into lithium carbonate using its process.","Koch Strategic Platforms will invest $100 million into lithium developer Standard Lithium, in the latest investment into the battery value chain by the subsidiary of the giant fossil fuel conglomerate. The deal will help the company move towards first commercial production of lithium from brine deposits in south Arkansas, in a boost to efforts to […]",[664],{"slug":562,"name":563,"content":665},{"job_title":565,"image":666,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"365aaaa3-590b-4405-bea6-394aac695254\", \"id\": \"\"}-->","article",[670,673],{"slug":671,"name":672},"critical-minerals","Critical Minerals",{"slug":674,"name":8},"lithium","private",{"id":49,"alt":677,"name":677,"focus":677,"title":677,"source":677,"filename":678,"copyright":677,"fieldtype":679,"meta_data":680,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/3cf4c08315/bm-standard-lithium-koch.jpg","asset",{"alt":677,"title":677,"source":677,"copyright":677},"Nov 24, 2021","24th November 2021",[],[],1790082840716]