Latest news with #StateFunding
Globe and Mail
5 days ago
- Business
- Globe and Mail
LibertyStream and Wellspring Hydro Announce US $700,000 Grant to Fund Lithium Refining Unit backed by State of North Dakota; Proceeds Drawn From US$7.5 million pre-Approved State Funded Grant and Loan Facility
LibertyStream Infrastructure Partners Inc. (TSXV: LIB | OTCQB: VLTLF | FSE: I2D) (' LibertyStream ' or the ' Company ') is pleased to announce the Company has been awarded a US$700,000 grant to fund a portion of the previously announced commercial lithium carbonate refining unit (the ' Refining Unit ') capable of producing up to 10 tonnes per annum (tpa) of industrial grade and battery grade lithium carbonate. This follow-on support comes via LibertyStream's partnership with Wellspring Hydro ('WSH') and is consistent with the state's commitment to accelerating critical minerals development within the U.S. The proceeds from the grant are drawn from Wellspring's US$10 million North Dakota State backed grant and loan facility of which US$4.2 million is available for future drawdown. This press release features multimedia. View the full release here: LibertyStream lithium-carbonate refining unit: components prior to shipment to TX. ' We are deeply grateful to the State of North Dakota for this continued support, which not only reflects confidence in our DLE technology but also underscores our shared goal of strengthening the domestic supply chain for critical minerals, ' commented Alex Wylie, President & CEO of LibertyStream. 'Customers have made it clear they require bulk lithium carbonate samples to negotiate future offtake agreements. The Refining Unit is expected to provide our future customers with the lithium carbonate from the field they require.' US $7.5 Million North Dakota State Funded Facility Wellspring was previously awarded US$7.5 million in grant and loan funding from the North Dakota Industrial Commission through the Clean Sustainable Energy Authority Program and the Renewable Energy Program (collectively, the 'State Funding'). LibertyStream and Wellspring have utilized the State Funding to advance DLE initiatives within the State of North Dakota. Following the US$700,000 drawdown, approximately US$4.2 million remains available for future deployment. The State Funding is intended to promote the adoption of renewable energy technologies, support businesses operating in North Dakota, and leverage the capabilities of the local workforce. Initially, the Refining Unit will be deployed at LibertyStream's facility in Texas, with plans to relocate it to North Dakota upon completion of commercial DLE facility development in the Williston Basin. LibertyStream and Wellspring anticipate drawing the remaining US$4.2 million in State Funding to further support the build-out of these commercial DLE operations in North Dakota. Lithium Carbonate Refining Unit The Refining Unit will be capable of producing up to 10 tpa of lithium carbonate tailored to the technical specifications of future customers for either industrial grade or battery grade lithium carbonate. In order to have the ability to sign offtake agreements, future customers need bulk sample from the field. Management anticipates that the Refining Unit will consistently provide its customers with the confidence to rely on the grade and quality of lithium carbonate for future offtake agreements. Corporate Secretary Appointment LibertyStream is pleased to announce the appointment of Eamon Hurley as Corporate Secretary for the Company. Mr. Hurley is a Partner at Cassels Brock & Blackwell LLP ('Cassels') and was former Canadian General Counsel to Unocal Corporation. Cassels acts as Corporate Counsel to the Company. The Company is granting Mr. Hurley 250,000 options under its omnibus equity incentive plan. The Options vest over a six-month period and are exercisable at $0.23 per Share for four years from the date of grant, expiring on August 11, 2029. About LibertyStream Infrastructure Partners LibertyStream is a lithium development and technology company aiming to be one of North America's first commercial producers of lithium carbonates from oilfield brine. Our strategy is to generate value for shareholders by leveraging management's hydrocarbon experience to deploy our proprietary DLE technology directly into existing oil and gas infrastructure, thereby reducing capital costs, lowering risks and supporting the world's clean energy transition. With four differentiating pillars, and a proprietary DLE technology and process, LibertyStream's innovative approach to development is focused on generating the highest lithium recoveries with lowest costs, positioning us for future commercialization. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company's continued progress on its website: Forward Looking Statements This news release includes certain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target', 'plan', 'forecast', 'may', 'will', 'would', 'could', 'schedule' and similar words or expressions, identify forward-looking statements or information. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation, management's expectations relating to the processing capacity of its DLE unit, information with respect to the completion and timing of the purchase of the Refining Unit and expectations of production therefrom, the anticipated benefits to the Company's customers relating to the deployment of the Refining Unit. With respect to the forward-looking information contained in this press release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein including the risk of delay in completing the purchase of the Refining Unit, the risk that management's production estimates relating to the Refining Unit turn out to be incorrect, and generally, those known risk factors outlined in the Company's annual information form for the year ended June 30, 2024, the Management's Discussion and Analysis for the six months ended December 31, 2024, and the (final) short form base shelf prospectus dated July 20, 2023. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
National Post
5 days ago
- Business
- National Post
LibertyStream and Wellspring Hydro Announce US $700,000 Grant to Fund Lithium Refining Unit backed by State of North Dakota; Proceeds Drawn From US$7.5 million pre-Approved State Funded Grant and Loan Facility
Article content Article content CALGARY, Alberta — LibertyStream Infrastructure Partners Inc. (TSXV: LIB | OTCQB: VLTLF | FSE: I2D) (' LibertyStream ' or the ' Company ') is pleased to announce the Company has been awarded a US$700,000 grant to fund a portion of the previously announced commercial lithium carbonate refining unit (the ' Refining Unit ') capable of producing up to 10 tonnes per annum (tpa) of industrial grade and battery grade lithium carbonate. This follow-on support comes via LibertyStream's partnership with Wellspring Hydro ('WSH') and is consistent with the state's commitment to accelerating critical minerals development within the U.S. The proceeds from the grant are drawn from Wellspring's US$10 million North Dakota State backed grant and loan facility of which US$4.2 million is available for future drawdown. Article content Article content ' We are deeply grateful to the State of North Dakota for this continued support, which not only reflects confidence in our DLE technology but also underscores our shared goal of strengthening the domestic supply chain for critical minerals, ' commented Alex Wylie, President & CEO of LibertyStream. 'Customers have made it clear they require bulk lithium carbonate samples to negotiate future offtake agreements. The Refining Unit is expected to provide our future customers with the lithium carbonate from the field they require.' Article content US $7.5 Million North Dakota State Funded Facility Article content Wellspring was previously awarded US$7.5 million in grant and loan funding from the North Dakota Industrial Commission through the Clean Sustainable Energy Authority Program and the Renewable Energy Program (collectively, the 'State Funding'). LibertyStream and Wellspring have utilized the State Funding to advance DLE initiatives within the State of North Dakota. Following the US$700,000 drawdown, approximately US$4.2 million remains available for future deployment. The State Funding is intended to promote the adoption of renewable energy technologies, support businesses operating in North Dakota, and leverage the capabilities of the local workforce. Article content Initially, the Refining Unit will be deployed at LibertyStream's facility in Texas, with plans to relocate it to North Dakota upon completion of commercial DLE facility development in the Williston Basin. LibertyStream and Wellspring anticipate drawing the remaining US$4.2 million in State Funding to further support the build-out of these commercial DLE operations in North Dakota. Article content Lithium Carbonate Refining Unit Article content The Refining Unit will be capable of producing up to 10 tpa of lithium carbonate tailored to the technical specifications of future customers for either industrial grade or battery grade lithium carbonate. In order to have the ability to sign offtake agreements, future customers need bulk sample from the field. Management anticipates that the Refining Unit will consistently provide its customers with the confidence to rely on the grade and quality of lithium carbonate for future offtake agreements. Article content Corporate Secretary Appointment Article content LibertyStream is pleased to announce the appointment of Eamon Hurley as Corporate Secretary for the Company. Mr. Hurley is a Partner at Cassels Brock & Blackwell LLP ('Cassels') and was former Canadian General Counsel to Unocal Corporation. Cassels acts as Corporate Counsel to the Company. The Company is granting Mr. Hurley 250,000 options under its omnibus equity incentive plan. The Options vest over a six-month period and are exercisable at $0.23 per Share for four years from the date of grant, expiring on August 11, 2029. Article content About LibertyStream Infrastructure Partners Article content LibertyStream is a lithium development and technology company aiming to be one of North America's first commercial producers of lithium carbonates from oilfield brine. Our strategy is to generate value for shareholders by leveraging management's hydrocarbon experience to deploy our proprietary DLE technology directly into existing oil and gas infrastructure, thereby reducing capital costs, lowering risks and supporting the world's clean energy transition. With four differentiating pillars, and a proprietary DLE technology and process, LibertyStream's innovative approach to development is focused on generating the highest lithium recoveries with lowest costs, positioning us for future commercialization. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company's continued progress on its website: Article content Forward Looking Statements Article content This news release includes certain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target', 'plan', 'forecast', 'may', 'will', 'would', 'could', 'schedule' and similar words or expressions, identify forward-looking statements or information. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation, management's expectations relating to the processing capacity of its DLE unit, information with respect to the completion and timing of the purchase of the Refining Unit and expectations of production therefrom, the anticipated benefits to the Company's customers relating to the deployment of the Refining Unit. With respect to the forward-looking information contained in this press release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein including the risk of delay in completing the purchase of the Refining Unit, the risk that management's production estimates relating to the Refining Unit turn out to be incorrect, and generally, those known risk factors outlined in the Company's annual information form for the year ended June 30, 2024, the Management's Discussion and Analysis for the six months ended December 31, 2024, and the (final) short form base shelf prospectus dated July 20, 2023. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. Article content Article content Article content Article content Contacts
Business Wire
5 days ago
- Business
- Business Wire
LibertyStream and Wellspring Hydro Announce US $700,000 Grant to Fund Lithium Refining Unit backed by State of North Dakota; Proceeds Drawn From US$7.5 million pre-Approved State Funded Grant and Loan Facility
CALGARY, Alberta--(BUSINESS WIRE)-- LibertyStream Infrastructure Partners Inc. (TSXV: LIB | OTCQB: VLTLF | FSE: I2D) (' LibertyStream ' or the ' Company ') is pleased to announce the Company has been awarded a US$700,000 grant to fund a portion of the previously announced commercial lithium carbonate refining unit (the ' Refining Unit ') capable of producing up to 10 tonnes per annum (tpa) of industrial grade and battery grade lithium carbonate. This follow-on support comes via LibertyStream's partnership with Wellspring Hydro ('WSH') and is consistent with the state's commitment to accelerating critical minerals development within the U.S. The proceeds from the grant are drawn from Wellspring's US$10 million North Dakota State backed grant and loan facility of which US$4.2 million is available for future drawdown. ' We are deeply grateful to the State of North Dakota for this continued support, which not only reflects confidence in our DLE technology but also underscores our shared goal of strengthening the domestic supply chain for critical minerals, ' commented Alex Wylie, President & CEO of LibertyStream. 'Customers have made it clear they require bulk lithium carbonate samples to negotiate future offtake agreements. The Refining Unit is expected to provide our future customers with the lithium carbonate from the field they require.' US $7.5 Million North Dakota State Funded Facility Wellspring was previously awarded US$7.5 million in grant and loan funding from the North Dakota Industrial Commission through the Clean Sustainable Energy Authority Program and the Renewable Energy Program (collectively, the 'State Funding'). LibertyStream and Wellspring have utilized the State Funding to advance DLE initiatives within the State of North Dakota. Following the US$700,000 drawdown, approximately US$4.2 million remains available for future deployment. The State Funding is intended to promote the adoption of renewable energy technologies, support businesses operating in North Dakota, and leverage the capabilities of the local workforce. Initially, the Refining Unit will be deployed at LibertyStream's facility in Texas, with plans to relocate it to North Dakota upon completion of commercial DLE facility development in the Williston Basin. LibertyStream and Wellspring anticipate drawing the remaining US$4.2 million in State Funding to further support the build-out of these commercial DLE operations in North Dakota. Lithium Carbonate Refining Unit The Refining Unit will be capable of producing up to 10 tpa of lithium carbonate tailored to the technical specifications of future customers for either industrial grade or battery grade lithium carbonate. In order to have the ability to sign offtake agreements, future customers need bulk sample from the field. Management anticipates that the Refining Unit will consistently provide its customers with the confidence to rely on the grade and quality of lithium carbonate for future offtake agreements. Corporate Secretary Appointment LibertyStream is pleased to announce the appointment of Eamon Hurley as Corporate Secretary for the Company. Mr. Hurley is a Partner at Cassels Brock & Blackwell LLP ('Cassels') and was former Canadian General Counsel to Unocal Corporation. Cassels acts as Corporate Counsel to the Company. The Company is granting Mr. Hurley 250,000 options under its omnibus equity incentive plan. The Options vest over a six-month period and are exercisable at $0.23 per Share for four years from the date of grant, expiring on August 11, 2029. About LibertyStream Infrastructure Partners LibertyStream is a lithium development and technology company aiming to be one of North America's first commercial producers of lithium carbonates from oilfield brine. Our strategy is to generate value for shareholders by leveraging management's hydrocarbon experience to deploy our proprietary DLE technology directly into existing oil and gas infrastructure, thereby reducing capital costs, lowering risks and supporting the world's clean energy transition. With four differentiating pillars, and a proprietary DLE technology and process, LibertyStream's innovative approach to development is focused on generating the highest lithium recoveries with lowest costs, positioning us for future commercialization. We are committed to operating efficiently and with transparency across all areas of the business staying sharply focused on creating long-term, sustainable shareholder value. Investors and/or other interested parties may sign up for updates about the Company's continued progress on its website: Forward Looking Statements This news release includes certain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. When used in this news release, the words 'anticipate', 'believe', 'estimate', 'expect', 'target', 'plan', 'forecast', 'may', 'will', 'would', 'could', 'schedule' and similar words or expressions, identify forward-looking statements or information. Statements, other than statements of historical fact, may constitute forward-looking information and include, without limitation, management's expectations relating to the processing capacity of its DLE unit, information with respect to the completion and timing of the purchase of the Refining Unit and expectations of production therefrom, the anticipated benefits to the Company's customers relating to the deployment of the Refining Unit. With respect to the forward-looking information contained in this press release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein including the risk of delay in completing the purchase of the Refining Unit, the risk that management's production estimates relating to the Refining Unit turn out to be incorrect, and generally, those known risk factors outlined in the Company's annual information form for the year ended June 30, 2024, the Management's Discussion and Analysis for the six months ended December 31, 2024, and the (final) short form base shelf prospectus dated July 20, 2023. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Yahoo
31-05-2025
- Business
- Yahoo
Spring session entering final day as budget deadline looms
SPRINGFIELD, Ill. (WGN) – We're finally getting a look at state lawmakers' $55 billion budget plan with just over 24 hours left in the legislative session. On the second to last day of session, the three most powerful men in Springfield met behind closed doors. Talks between Senate President Don Harmon (D-Oak Park), House Speaker Emanuel 'Chris' Welch (D-Westchester), and Gov. JB Pritzker (D-Illinois) led to the release of a 3,300-page appropriations bill that adds $1 billion in new revenue, though it holds the line on individual and corporate income taxes. Illinois budget battle: What Chicago needs from Springfield 'We've got $1 billion in revenue for this budget in the area of tax collection, for those who have not paid their taxes as well as those who've made choices in terms of gaming and other – tobacco use and gaming,' Sen. Elgie Sims (D-Chicago) said. Despite having major submajorities in both chambers, Democrats wrestled with a bleak financial picture. Revenue growth did not meet estimates used to draft Pritzker's budget blueprint. 'This budget includes significant investments in our priorities, education, health care, protecting our most vulnerable,' Sims said. Democrats are asking their members to pass the $55 billion spending plan despite uncertainty about federal funding. Lawmakers, groups rally against Medicaid cuts as state budget deadline looms 'It's a tough year. We know instability in Washington, D.C. makes it worse,' Rep. Kam Buckner (D-Chicago) said. 'We know there are some real pressures here in the state in trying to bring forth a budget that meets the needs of everybody was a tough one. So this was tough. This has been the toughest budget year since I've been here.' After months of warning from Chicagoland transit that bus and train service might be cut without a state bailout, lawmakers are working to hike the cost of tolls and rideshares to help the system. READ: Illinois has a $770M hole in the transit budget that could leave commuters stranded There's also legislation moving to create a new oversight agency. 'I want to remind folks that when we're talking about CTA, Metra, Pace, this is a statewide transit overhaul,' Buckner said. House Republican Leader Tony McCombie (R-Savanna) suggests some of her members might support the transit reforms. 'We saw the governance piece and I think we could probably get some bipartisan support on that,' McCombie said. 'The funding source is what kind of scares all of us, because what is that going to look like?' Read more: Latest Chicago news and headlines Democrats expect to meet the budget deadline, but the transit legislation might be broken up into pieces or may not even pass at all on Saturday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
18-05-2025
- Business
- Yahoo
Most state services will see no new funding in final Alaska state budget draft
The Alaska State Capitol is seen behind a curtain of blooming branches on Saturday, May 17, 2025. (Photo by James Brooks/Alaska Beacon) There will be no extra money for the University of Alaska's sports teams, its effort to become a top-tier research university or its attempts to hire and keep staff. On Friday, the legislative committee assigned to write the final version of Alaska's state operating budget axed all of those items — and many more — from its in-progress draft. Alaska is facing a severe budget crunch, thanks to low oil prices and reduced federal spending, and lawmakers are eliminating almost every previously considered addition, even before Gov. Mike Dunleavy gets a chance to use his veto pen. Flat funding, combined with inflation, means cuts for most state services. The Permanent Fund dividend isn't immune, either. It's expected to be about $1,000 this year, the lowest figure in state history, once adjusted for inflation. 'It's just a really challenging time, and there's a lot of volatility, and Alaska's heavily dependent upon federal funds,' said Sen. Scott Kawasaki, D-Fairbanks. 'We don't have that huge buffer of oil and gas funds that we once did.' Rep. Will Stapp, R-Fairbanks, appeared resigned to the decisions when asked for comment. 'It is what it is,' he said. Among the university's budget cuts is $150,000 for a staff member to help the university's efforts on diversity, equity and inclusion. The University's Board of Regents voted earlier this year to cancel DEI efforts, including those intended to help Alaska Native students. 'We obviously are cut down to the bone if we're talking about individual, singular positions in the budget, and the board of regents has taken a position that's alternative to what I think the UA community broadly wants to see happen, so it puts our Legislature as an appropriating body in a really difficult position making those kinds of decisions,' said Rep. Ashley Carrick, D-Fairbanks. The budget maneuvering isn't restricted to the University of Alaska. At the Alaska Department of Transportation and Public Facilities, legislators have cut road maintenance spending and have requested a report on the feasibility of turning the Dalton Highway — Alaska's overland link to the North Slope — into a toll road. A plan to put more Alaska state troopers in Kotzebue to fight child abuse crimes was only partially funded, and $2.3 million for additional trooper overtime was trimmed to $1 million. The conference committee, in charge of combining different budget drafts approved by the state House and Senate, may also cancel plans for additional state and wildlife troopers in Talkeetna. Legislators are asking DPS to begin meeting with the Kenai, Fairbanks and Matanuska-Susitna boroughs about setting up local police in those areas in order to replace troopers. 'It is the intent of the legislature to direct public safety funds to areas of the state that do not have the tax base to provide needed policing services to their communities,' the latest budget draft states. A few budget increases remain — $250,000 more for maintenance at the state's trial courts, $292,000 more for security screening of legislative mail, and additional state funding for Alaska's forestry program as part of an effort to increase logging. For the Alaska Department of Education and Early Development, the conference committee approved backstop funding for public schools in case Dunleavy vetoes House Bill 57, which would permanently increase the state's per-student funding formula. The backstop language includes a one-time bonus that's slightly smaller than the increase included within HB 57. That increase is itself lower than the rate of inflation. The committee declined to increase funding for special education, child nutrition, early education, and state libraries, archives and museums. But lawmakers did approve an increase for career and technical education initiatives. They temporarily postponed a decision on items related to foreign teacher recruitment and training, at the request of Sen. James Kaufman, R-Anchorage. Those may be taken up as soon as Sunday. The committee approved $5.5 million for child advocacy centers, which support child victims of physical and sexual abuse. That money was added after the federal government cut funding for the centers. For the state prison system, the budget directs the closure of part of Spring Creek Correctional Center and directs the Alaska Department of Corrections to prepare a report for the Legislature evaluating which prisons would provide the most cost savings if closed. Budget negotiators also rejected increased funding for vocational training programs intended to aid Alaskans who leave the prison system. Several items are still being debated, and the conference committee was scheduled to meet at 1 p.m. Sunday to finalize the compromise budget draft. SUPPORT: YOU MAKE OUR WORK POSSIBLE
