TerraVolta Resources Selected by U.S. Department of Energy for $225 Million Award Negotiation for Lithium Production Facility in Texarkana Region

HOUSTON, Sept. 20, 2024 /PRNewswire/ -- TerraVolta Resources, LLC ("TerraVolta" or the "Company"), a leading U.S. critical minerals exploration and production company, was selected by the U.S. Department of Energy's ("DOE") Office of Manufacturing and Energy Supply Chains for a $225 million award negotiation to support the creation of a more than $1 billion lithium production facility in the Texarkana region that spans Arkansas and Texas.

TerraVolta was selected by the DOE to receive Bipartisan Infrastructure Law funding to boost the domestic production of advanced batteries and battery materials nationwide. The selection of TerraVolta's Project Liberty Owl is one of the largest provisional awards to a U.S. critical minerals project.   

"We're in the midst of a manufacturing revival in the United States as the Biden-Harris Administration's Investing in America agenda continues to breathe new life into communities and local economies across the country," said U.S. Secretary of Energy Jennifer M. Granholm. "By positioning the U.S. at the forefront of advanced battery manufacturing, we are creating high-paying jobs and strengthening our global economic leadership and domestic energy security, all while supporting the clean energy transition."

The DOE's funding will support TerraVolta's plans to design, build, and operate Project Liberty Owl, a commercial-scale lithium production and conversion facility. TerraVolta's facility, which will produce battery-grade lithium from domestic brine resources using direct lithium extraction technology, is initially expected to have a production capacity of at least 25,000 tonnes of lithium carbonate annually–enough lithium to power approximately 500,000 electric vehicles per year.

Earlier this year, TerraVolta completed a successful supply well that further validated the Company's premium resource and industry-leading lithium concentrations.

Jamie Liang, President and CEO, TerraVolta, said, "Over the past 24 months, we have accumulated one of the largest land positions in the Smackover trend and confirmed the highly advantageous resource. Today, we are thrilled to have the U.S. Department of Energy endorse Project Liberty Owl as we begin the design and engineering for this facility in the Texarkana region. With the DOE's support, we will employ American workers to harness domestic lithium resources and supply the U.S. economy's need for EVs, grid-scale batteries, and consumer products."

John Raymond, Chairman of The Energy & Minerals Group (EMG) and TerraVolta, said, "Our investment in TerraVolta is representative of EMG's focus on the forward-facing green commodities essential to successful implementation of global carbon reduction initiatives. We are very appreciative of the DOE's grant in support of TerraVolta and Project Liberty Owl as it is foundational to ensuring the development of a real-world solution to the current gap in the domestic U.S. lithium supply chain."

TerraVolta's Liberty Owl facility is expected to create more than 125 permanent jobs in the Texarkana region. Batteries manufactured using lithium produced at this facility could eliminate more than 2.2 million tonnes of carbon dioxide emissions annually. Construction of Liberty Owl is slated to begin in 2028 with operations in 2029.

Rob Sitterley, President and CEO, AR-TX Regional Economic Development Inc., said, "Today's announcement is a pivotal moment for Texarkana as we energize and expand our economic landscape. We are a region home to companies which are shaping the future. TerraVolta's investment will not only create new jobs and significant local revenue but positions our community at the crossroads of technological innovation and environmental sustainability.  We look forward to seeing their success and continuing AR-TX REDI's efforts to drive the Texarkana region forward."

Based in Houston, Texas, TerraVolta is led by President and CEO, Jamie Liang; Chief Technology Officer, Ross Tomson; and VP, Land and Business Development, Nicholas Muscara. Earlier this year, the Company announced a substantial equity investment from EMG, one of the largest private investors across the natural resources complex globally.

About TerraVolta Resources
TerraVolta Resources is a U.S. critical minerals exploration and production company.  Based in Houston, Texas, the Company's mission is to pioneer a more sustainable future by becoming the leading domestic producer of lithium and other critical materials.  For more information, please visit www.terravolta.com.

About EMG
The Energy & Minerals Group (EMG) is a specialized natural resource focused private equity firm founded in 2006 with current assets under management ("AUM") of approximately $13 billion as of June 30, 2024. In addition, EMG's funds and co-investments have returned approximately $11 billion to Limited Partners to date. EMG targets equity investments of $150 million to $1,000 million across the natural resource industry, which includes the extraction and processing of the critical metals and minerals to facilitate decarbonization as well as upstream and midstream energy.

About DOE's Office of Manufacturing and Energy Supply Chains
MESC plays a critical and unique role in catalyzing investments in America's energy future to support the re-shoring, skilling, and scaling of U.S. manufacturing across energy supply chains. MESC serves as the frontline of clean energy deployment and accelerates America's transition to a resilient, equitable energy future through data-driven investments in manufacturing capacity and workforce development. Learn more at: www.energy.gov/mesc or LinkedIn.

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SOURCE TerraVolta Resources