Stardust Power Inc Dossier
Qualitative Analysis
Business overview
Stardust Power Inc. (NASDAQ: SDST) is a development-stage American company focused on producing battery-grade lithium carbonate to support clean energy independence and strengthen the domestic supply chain. The company is developing a large-scale battery-grade lithium refinery at the Southside Industrial Park in Muskogee, Oklahoma. The facility is designed to produce up to 50,000 metric tons per annum (tpa) of battery-grade lithium carbonate (BGLC) once fully operational, to be built in two phases of 25,000 tpa each. Stardust Power targets the United States domestic market, supplying battery manufacturers, automotive OEMs, and the defense industrial base.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Development of a strategically located, battery-grade lithium carbonate refinery in Muskogee, Oklahoma, designed to produce up to 50,000 metric tons per annum (tpa) of lithium carbonate across two phases of 25,000 tpa each.
Expected impact: Establishes one of the largest domestic lithium refining facilities in the United States, addressing critical supply chain constraints and supporting national energy security.
Implementing a 'hub and spoke' model to aggregate lithium feedstock from multiple diversified brine sources across North America (including California, Utah, Canada, and the Smackover formation) rather than relying on a single supplier.
Expected impact: De-risks the refinery's supply chain, enhances operational scalability, and ensures a steady inflow of lithium chloride for processing into battery-grade lithium carbonate.
Integration of KMX Technologies' proprietary Vacuum Membrane Distillation (VMD) technology across Stardust Power's refining and upstream operations to concentrate lithium brine feedstocks.
Expected impact: Optimizes feedstock logistics by reducing brine volume prior to transport, significantly lowering operating costs, energy consumption, and water usage.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Grants Stardust Power exclusive rights to utilize KMX's advanced vacuum membrane distillation (VMD) technology for lithium extraction and concentration across the United States, Canada, and select international markets.
Terms: Stardust Power agreed to pay KMX a royalty comprised of 500,000 shares of common stock, issued no later than March 15, 2025.
Establishes a non-binding framework to support the capital stack for the Muskogee refinery, validating the project's commercial viability and attracting further institutional interest.
Terms: The investor indicated intent to invest up to $150 million at the project level, with flexibility across equity, debt, and hybrid financing structures to limit public shareholder dilution.
Secures a reliable upstream supply of lithium chloride feedstock from the Paradox Basin in Utah to support the Muskogee refinery's processing operations.
Terms: Agreement covers the supply of up to 7,500 metric tons per annum of lithium chloride.
Engaged to perform site engineering, geotechnical borings, and subsurface investigations, transitioning the Muskogee refinery project from front-end engineering (FEL-3) into execution-level design.
Terms: Not publicly disclosed.