Stardust Power Inc.

https://stardust-power.com

Stardust Power Inc. is an American developer of battery-grade lithium products, primarily focused on establishing a domestic supply chain for the electric vehicle (EV) industry. The company's mission is to secure U.S. energy leadership through the sustainable production of battery-grade lithium carbonate. Headquartered in Greenwich, Connecticut, Stardust Power aims to reduce the nation's reliance on foreign sources for critical battery materials.

The company's core product is battery-grade lithium carbonate, which it plans to produce at a large-scale refinery currently under development in Muskogee, Oklahoma. This facility is anticipated to have a capacity of up to 50,000 metric tons per annum. Stardust Power intends to supply its products to electric vehicle manufacturers, battery producers, the U.S. military, and other original equipment manufacturers, leveraging a diversified supply of lithium from American brine sources and utilizing sustainable power options like solar and wind.

Led by Founder and CEO Roshan Pujari, Stardust Power Inc. became publicly traded on NASDAQ under the ticker symbol SDST in July 2024, following a business combination with Global Partner Acquisition Corp II. Recent developments include securing an air quality construction permit for its Muskogee refinery in January 2026, a significant step towards construction and commissioning. In April 2026, the company announced an institutional investment framework supporting up to $150 million and expanded its U.S. lithium feedstock pipeline. Stardust Power is strategically positioned to address the midstream bottleneck in the EV and energy storage value chain, aiming to bolster U.S. energy independence and supply chain resilience.

Latest updates

Stardust Power Secures $150 Million Investment Framework for Lithium Refinery

Event summary

  • Stardust Power has entered a Letter of Intent (LOI) with an institutional investor for up to $150 million in project-level financing.
  • The financing will support the construction of Stardust Power’s lithium refinery in Muskogee, Oklahoma, designed for 50,000 metric tons per annum capacity.
  • The investment framework allows for flexibility across equity, debt, and hybrid financing structures.
  • The LOI is non-binding and requires customary due diligence and negotiation of definitive agreements.

The big picture

This investment framework represents a significant step for Stardust Power, signaling growing institutional confidence in the domestic lithium refining sector. The project-level financing structure is a strategic move to minimize dilution for existing shareholders and attract further investment, but hinges on the successful execution of a large-scale, capital-intensive project in a volatile commodity market. The deal underscores the increasing focus on securing resilient supply chains for battery materials, a priority for the US government and automakers.

What we're watching

Project Execution
The successful negotiation of definitive agreements and securing additional funding partners will be critical to validating the project’s viability and timeline, given the substantial capital required.
Valuation Dynamics
The project-level financing structure aims to establish a market-driven valuation for the refinery; however, the ultimate valuation will depend on lithium prices and the overall demand for battery materials.
Investor Appetite
Continued institutional interest in American lithium refining infrastructure will be a key indicator of the broader trend towards onshoring and the long-term viability of Stardust Power's business model.

Stardust Power Secures Lithium Chloride Supply for Muskogee Refinery

Event summary

  • Stardust Power entered a Letter of Intent (LOI) to acquire up to 15,000 metric tons per annum of lithium chloride from a California-based project.
  • The lithium chloride is intended to serve as feedstock for Stardust Power’s lithium refinery currently under development in Muskogee, Oklahoma.
  • Initial deliveries are anticipated to begin in the first half of 2028, with the agreement granting Stardust Power the option to purchase additional volumes.
  • The LOI follows Stardust Power’s strategy to diversify and scale its lithium chloride supply chain.

The big picture

Stardust Power’s move to secure domestic lithium chloride feedstock underscores the ongoing push for localized battery material supply chains in the US, driven by energy security concerns and the Inflation Reduction Act. This agreement represents a step towards reducing reliance on foreign sources and establishing a more resilient lithium supply base, but the non-binding nature of the LOI introduces uncertainty. The company’s success will depend on its ability to convert this LOI into a firm contract and execute its refinery project efficiently.

What we're watching

Deal Certainty
The LOI is non-binding, and execution of a definitive agreement is not guaranteed, introducing risk regarding the long-term supply commitment.
Project Timelines
The anticipated 2028 delivery timeline hinges on the California project's development and Stardust Power’s refinery construction progress, both of which are subject to potential delays.
Cost Dynamics
The agreement’s final pricing and terms will be crucial in determining the economic viability of Stardust Power’s Muskogee refinery and its competitiveness within the battery materials market.

Stardust Power Joins Lithium Cluster to Bolster Domestic Supply Chain

Event summary

  • Stardust Power, a developer of battery-grade lithium carbonate, has joined the Lithium Regional Innovation Cluster (LRIC).
  • LRIC is a public-private initiative focused on strengthening the U.S. lithium value chain.
  • Stardust Power will contribute its midstream refining expertise and participate in initiatives focused on lithium processing technologies.
  • The collaboration is formalized through a memorandum of understanding.
  • Stardust Power plans to build a 50,000 metric ton per year lithium refinery in Muskogee, Oklahoma.

The big picture

The partnership underscores the growing strategic importance of securing a domestic lithium supply chain, particularly as demand for electric vehicle batteries surges. LRIC’s recognition by the SBA signals a broader government push to de-risk the EV transition and reduce reliance on foreign lithium sources. Stardust Power’s participation highlights the increasing pressure on lithium developers to demonstrate operational expertise and collaborate within a rapidly evolving ecosystem.

What we're watching

Execution Risk
The success of Stardust Power's Muskogee refinery hinges on securing permits, financing, and feedstock, and the LRIC collaboration may not mitigate these operational challenges.
Competitive Landscape
The influx of new domestic lithium producers, facilitated by initiatives like LRIC, will likely intensify competition and pressure margins within the battery materials sector.
Government Support
Continued government funding and policy support for LRIC and similar initiatives will be crucial for sustaining the growth of the U.S. lithium supply chain.

Stardust Power Advances Muskogee Refinery Amid Ongoing Liquidity Concerns

Event summary

  • Stardust Power reported preliminary 2025 results showing a net loss of $15.7 million, an improvement from $23.8 million in 2024.
  • The company received an air quality construction permit for its planned 50,000 metric tons per year lithium refinery in Muskogee, Oklahoma.
  • Stardust Power secured $13.2 million in equity capital and $10 million in debt financing, but continues to operate with substantial doubt about its ability to continue as a going concern.
  • The company completed a FEL-3 engineering study estimating a $500 million capital expenditure for Phase 1 of the refinery, which is designed to produce 25,000 metric tons of battery-grade lithium carbonate.

The big picture

Stardust Power's progress on the Muskogee refinery aligns with the broader US government push to onshore critical mineral supply chains and reduce reliance on foreign sources. However, the company's precarious financial position and the substantial capital requirements of the project highlight the challenges facing nascent lithium producers seeking to compete in a rapidly evolving market. The success of the Muskogee refinery will be a key test case for the viability of domestic lithium processing.

What we're watching

Liquidity Risk
The company's continued reliance on external funding and acknowledgement of potential going concern issues necessitate close monitoring of their ability to secure additional capital.
Project Execution
The $500 million price tag for Phase 1, while validated by Black & Veatch, represents a significant capital outlay and the success of the project hinges on efficient execution and cost management.
Feedstock Security
While feedstock supply agreements are a positive step, the non-binding nature of these arrangements introduces uncertainty regarding long-term supply chain stability and pricing.

Stardust Power Sets Stage for 2025 Earnings Amid Lithium Supply Push

Event summary

  • Stardust Power (SDST) will release its year-end 2025 financial results on March 17, 2026, after market close.
  • CEO Roshan Pujari and CFO Uday Devasper will host a conference call on March 25, 2026, at 5:30 PM ET.
  • The company is developing a lithium refinery in Muskogee, Oklahoma, with a planned annual production capacity of 50,000 metric tons.
  • Stardust Power aims to bolster American energy security through resilient lithium carbonate supply chains.

The big picture

Stardust Power's focus on domestic lithium carbonate production aligns with the U.S. government's push for energy independence and a secure battery supply chain. The company’s success hinges on navigating the volatile lithium market and executing its refinery project efficiently, as the global lithium supply chain remains a strategic vulnerability for the EV industry.

What we're watching

Execution Risk
The refinery's progress and ability to reach the stated 50,000 metric ton capacity will be critical; delays or cost overruns could significantly impact financial performance.
Market Dynamics
The demand for battery-grade lithium carbonate remains sensitive to EV adoption rates and overall macroeconomic conditions, which will influence pricing and profitability.
Competitive Landscape
The company's ability to differentiate itself from established lithium producers and emerging competitors will determine its long-term market share and pricing power.

Stardust Power Gains Access to DoD Funding via Cornerstone Consortium

Event summary

  • Stardust Power Inc. has joined the Cornerstone Consortium, a framework aligned with the U.S. Department of Defense.
  • The Consortium focuses on strengthening the domestic industrial base and securing critical supply chains across 18 sectors.
  • Stardust Power is developing a lithium carbonate refinery in Muskogee, Oklahoma, with a planned capacity of 50,000 metric tons annually.
  • Cornerstone operates under an Other Transaction Agreement, facilitating collaboration between the DoD and industry.
  • Participation provides Stardust Power access to government funding pathways and strategic alignment with national priorities.

The big picture

The U.S. government's increased focus on securing critical mineral supply chains, particularly lithium, is driving significant investment and policy support for domestic refining capacity. Stardust Power's entry into the Cornerstone Consortium signals a strategic alignment with this national priority, potentially unlocking access to government funding and partnerships. This move underscores the growing importance of lithium refining as a national security imperative, moving beyond purely commercial considerations.

What we're watching

Funding Flow
The extent to which Stardust Power can leverage Cornerstone's Other Transaction Agreement framework to secure non-dilutive funding will be a key indicator of its ability to accelerate refinery construction.
Geopolitical Risk
The ongoing emphasis on domestic lithium supply chains suggests that Stardust Power's strategic positioning could benefit from continued geopolitical instability impacting foreign sources.
Execution Risk
The Muskogee refinery's progress toward commissioning, including navigating regulatory approvals and securing necessary equipment, will determine if Stardust Power can capitalize on the favorable policy environment.

Stardust Power Secures $10 Million Equity Facility from B. Riley

Event summary

  • Stardust Power Inc. (SDST) has secured an up to $10.0 million equity facility from B. Riley Principal Capital II, LLC.
  • The facility allows Stardust Power to draw down capital incrementally over 36 months, subject to customary terms.
  • Proceeds will be used for pre-construction, construction, working capital, and general corporate purposes.
  • A registration statement (File No. 333-293405) was declared effective on February 17, 2026, enabling B. Riley to resell the securities.
  • The facility does not restrict Stardust Power from pursuing alternative financing strategies.

The big picture

This equity facility provides Stardust Power with a flexible financing option as it seeks to scale its lithium carbonate production, a critical component in the US battery supply chain. The agreement with B. Riley, a private equity firm, suggests a degree of confidence in the company’s prospects, but also highlights the ongoing need for capital in the nascent US lithium refining sector. The staged nature of the facility mitigates dilution risk but also underscores the company’s reliance on external funding.

What we're watching

Capital Discipline
The company's ability to manage the equity facility responsibly and avoid excessive dilution will be key to maintaining investor confidence, especially given the staged drawdown nature of the agreement.
Project Execution
The success of the Muskogee, Oklahoma lithium refinery hinges on timely execution of construction activities, and the facility's availability will be a signal of progress against milestones.
Market Dynamics
How the facility impacts Stardust Power’s ability to compete in a rapidly evolving lithium market, particularly as larger, better-capitalized players continue to enter the space, will be a critical factor.

Stardust Power Adds Lithium M&A Expert as Refinery Plans Advance

Event summary

  • Stardust Power appointed Bruce Czachor as General Counsel, effective immediately.
  • Czachor brings over 30 years of experience in legal, corporate governance, and executive leadership, primarily within the energy and mining sectors.
  • He previously served as Executive Vice President and Chief Legal Officer at Piedmont Lithium, where he oversaw a cross-border merger with Elevera Mining.
  • Czachor’s prior roles include experience advising Fortune 500 companies and global investment banks.
  • He will report directly to Stardust Power Founder and CEO, Roshan Pujari.

The big picture

The hire of a seasoned executive like Czachor, particularly one with direct lithium sector experience and M&A expertise, underscores the increasing scrutiny and complexity surrounding battery material supply chains. Stardust Power's ambition to become a significant lithium carbonate producer necessitates robust legal and governance frameworks, and this appointment suggests a proactive approach to managing the risks associated with large-scale project development and capital formation. The move also highlights the growing demand for experienced legal counsel specializing in the intersection of energy, mining, and public markets.

What we're watching

Governance Dynamics
Czachor’s appointment signals a heightened focus on governance and compliance as Stardust Power scales, potentially influencing investor perception and access to capital.
Regulatory Headwinds
Given Czachor’s experience navigating complex regulatory environments, his insights will be crucial as Stardust Power advances its Muskogee refinery project and faces potential permitting challenges.
Execution Risk
The success of Czachor’s tenure will be tied to Stardust Power’s ability to execute on its refinery construction plans, requiring him to manage legal and contractual risks effectively.

Stardust Power Clears Key Permit for Muskogee Lithium Refinery

Event summary

  • Stardust Power received an air quality construction permit from the Oklahoma Department of Environmental Quality (ODEQ) for its Muskogee lithium refinery.
  • The permit is the final significant regulatory approval needed for construction and commissioning.
  • The refinery is designed to produce up to 50,000 metric tons per annum of battery-grade lithium carbonate.
  • The facility will utilize a closed-loop water system to eliminate wastewater discharge and is classified as a minor source under air regulations.

The big picture

The approval of this air permit represents a significant step towards establishing a domestic lithium supply chain in North America, crucial for supporting the electric vehicle and energy storage markets. Stardust Power’s Muskogee refinery, with its planned 50,000 metric ton capacity, aims to reduce reliance on foreign lithium sources and bolster U.S. energy independence. However, the company faces the challenge of executing a large-scale refining project while navigating ongoing inflationary pressures and potential supply chain disruptions.

What we're watching

Financing Risk
The project's advancement remains contingent on securing project financing, and delays or unfavorable terms could significantly impact the timeline and cost of the refinery.
Execution Risk
While permitting is complete, the construction and commissioning phase presents inherent execution risks, including potential delays, cost overruns, and technical challenges in scaling up lithium refining operations.
Competitive Landscape
The emergence of other large-scale lithium refining projects in the U.S. could intensify competition and pressure Stardust Power’s pricing and market share, requiring ongoing operational efficiency and innovation.

Stardust Power Hires Lobbying Firm as Lithium Supply Chain Push Intensifies

Event summary

  • Stardust Power has engaged 38 North Solutions, a Washington D.C.-based government relations firm, to support federal policy and funding efforts.
  • 38 North specializes in critical minerals, energy, and advanced manufacturing, with experience navigating government agencies and funding pathways.
  • Stardust Power is building a lithium refinery in Muskogee, Oklahoma, with a planned capacity of 50,000 metric tons annually.
  • The City and County of Muskogee approved a $27 million Tax Increment Financing (TIF) district for public infrastructure improvements related to the refinery.
  • Stardust Power is seeking additional federal incentives to support project milestones.

The big picture

Stardust Power's engagement with 38 North underscores the increasing importance of government relations for companies in the critical minerals space, as the U.S. seeks to onshore battery material production. The $27 million TIF district and potential $257 million in state incentives highlight the significant public investment being directed towards domestic lithium refining. This move signals a broader trend of companies proactively engaging with policymakers to secure funding and navigate the complex regulatory landscape surrounding strategic industrial projects.

What we're watching

Regulatory Headwinds
The success of Stardust Power's lobbying efforts will be crucial for securing federal incentives and navigating potential regulatory hurdles, impacting project timelines and profitability.
Execution Risk
The Muskogee refinery's ability to reach its planned 50,000 metric ton annual capacity will depend on timely execution and the resolution of any unforeseen operational challenges.
Governance Dynamics
Continued alignment between Stardust Power’s strategic goals and evolving federal policy priorities regarding critical minerals will be essential for maintaining momentum and securing long-term support.

Stardust Power Secures $15M Debt Financing for Lithium Refinery

Event summary

  • Stardust Power secured a $15 million senior secured convertible debt financing from a single institutional investor.
  • The financing includes a $4 million initial drawdown to fund detailed engineering, infrastructure, and procurement activities.
  • The facility has a 24-month term with a repayment moratorium and offers the option to repay in cash or common stock.
  • Stardust Power plans to fund the 50,000 metric ton per annum refinery through asset-level equity and debt financing.

The big picture

Stardust Power’s financing underscores the ongoing scramble for lithium supply chain security in the US, as demand for battery materials continues to outstrip domestic production. The use of convertible debt, while providing flexibility, also highlights the challenges in securing full project financing for nascent lithium refining operations. This deal, while a step forward, is likely a bridge to a larger, more complex financing round.

What we're watching

Capital Structure
The option to repay the debt with common stock introduces potential dilution risk if Stardust Power’s valuation doesn’t support the conversion price, and signals potential future equity needs.
Construction Timeline
The reliance on asset-level financing suggests a complex funding process, and delays in securing further financing could impact the refinery’s construction timeline and operational readiness.
Investor Appetite
The fact that the financing came from a single institutional investor may indicate limited broader market interest in Stardust Power’s project, which could complicate future funding rounds.
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