As the lightest and least dense metal, lithium is widely used in a range of batteries, from cell phones to electric cars. Shares of this lithium development company are trading higher after the company announced quarterly results and a transformative partnership.

Standard Lithium Ltd. (TSXV:SLI) (NYSE American:SLI) is a leading near-commercial lithium development company. The firm announced in a press release today its financial and operating results for the fiscal third quarter ended March 31, 2024.

Standard Lithium CEO Robert Mintak added, “This transformative partnership with Equinor, a global energy company and recognized leader in renewables and low carbon solutions, validates our strategic path to leverage our Smackover resources and become a globally significant contributor within the lithium market. It strengthens our finances, provides essential expertise, manages risk, and accelerates our progress towards this goal, unlocking long-term value for our shareholders."

Both U.S. and Canadian shares of Standard Lithium were trading up over 10 percent in morning trade.

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