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Stardust Power (NASDAQ: SDST) has finalized an exclusive licensing agreement with KMX Technologies for their vacuum membrane distillation (VMD) technology for lithium extraction and concentration. The agreement covers the United States, Canada, and select international markets.
The technology will be integrated into Stardust Power's hub and spoke refinery model, particularly supporting their lithium refinery under development in Muskogee, Oklahoma, which has a planned capacity of up to 50,000 metric tons per annum. KMX's VMD technology enables efficient lithium concentration from brine sources with minimal losses while producing high-quality water as a byproduct, reducing reliance on local freshwater resources.
The implementation aims to reduce energy consumption, water usage, and operating costs across the supply chain, while strengthening the U.S. critical mineral supply chain.
Stardust Power (NASDAQ: SDST) has announced the pricing of a public offering to raise $5.75 million through the sale of up to 4,792,000 shares of common stock and warrants. The combined offering price is set at $1.20 per share with accompanying warrants exercisable at $1.30 per share for five years.
The offering, expected to close around January 27, 2025, includes investment from a large institutional investor. A.G.P./Alliance Global Partners is serving as the sole placement agent. The company plans to use the proceeds for working capital, general corporate purposes, and to satisfy existing promissory notes.
The securities are being offered through a registration statement on Form S-1 that was declared effective on January 23, 2025. CEO Roshan Pujari noted that this financing supports their progress towards the FID stage for their large central lithium refinery.
Stardust Power (NASDAQ: SDST) has officially broken ground on January 22, 2025, for its lithium refinery at the Southside Industrial Park in Muskogee, Oklahoma. The company completed the acquisition of its 66-acre site in December 2024, with an additional 40-acre parcel available for future expansion.
The facility will be developed in two phases: the first phase will establish a production line capable of producing up to 25,000 metric tons per annum of battery-grade lithium, while the second phase will add another line to reach a total capacity of 50,000 metric tons per annum. The project is expected to create hundreds of jobs across engineering, manufacturing, and operations.
The strategic location benefits from proximity to the country's largest inland waterway system, robust road and rail networks, and access to a skilled workforce from the oil and gas sector. The site has secured necessary construction permits and has excellent access to power and water resources.
Stardust Power (NASDAQ: SDST) has appointed Chris Celano as Chief Operating Officer (COO), effective immediately. Celano, who has been working with the company since October 2024, will report to Chief Strategy Officer Paramita Das. He brings over 20 years of executive leadership experience, combining backgrounds as a CEO, securities attorney, and MIT graduate.
In his new role, Celano will oversee the company's upstream lithium supply initiatives and processing operations, including sourcing and site development. His experience spans energy, drilling, engineering, procurement, and construction (EPC) fields. Previously, he served as President and CEO of IHI E&C International from 2016 to 2024, where he led complex project deliveries. At Vantage Drilling, he helped develop a backlog exceeding $2 billion and a drilling program reaching depths of 30,000 feet, with the company drilling approximately 50 wells and creating production capacity of 200,000 barrels per day.
Stardust Power (NASDAQ: SDST) has appointed Martyn Buttenshaw as Independent Director to its Board of Directors, effective December 16, 2024. Buttenshaw, currently CEO of Mackay Precious Metals, brings extensive experience in the metals and mining sector, having held leadership positions at Pala Investments, Atacama Copper Corp, Rio Tinto, and Anglo American.
The appointment aims to leverage Buttenshaw's expertise in driving growth and overseeing strategic initiatives in the mining and raw materials supply chain, particularly for electric vehicles and renewable energy sectors. He holds a Master's of Engineering in Mining Engineering from Imperial College London and an MBA from London Business School.
Stardust Power (NASDAQ: SDST) has completed the acquisition of a 66-acre site at Southside Industrial Park in Muskogee, Oklahoma, for one of North America's largest lithium refineries. The company has secured the General Permit for Stormwater Discharges from Construction Activities and completed its Stormwater Pollution Prevention Plan, enabling construction to begin subject to project financing.
The site selection in Muskogee offers strategic advantages including access to inland waterways, road and rail networks, and a skilled workforce. The location includes a right of first refusal for an adjacent 40-acre parcel for future expansion. The City and County of Muskogee have established a $27 million Tax Increment Financing (TIF) district to support infrastructure improvements, including industrial roads, rail rehabilitation, and trestle bridge replacement.
Stardust Power (NASDAQ: SDST) reported Q3 2024 financial results, highlighting operational achievements including Nasdaq listing completion and key management appointments. The company reported a net loss of $10.0 million ($0.22 per share) compared to $0.8 million ($0.02 per share) in Q3 2023. Cash and equivalents stood at $1.6 million with zero long-term debt. The company secured a $50 million common stock purchase agreement with B. Riley and selected Primero USA for engineering design of its Oklahoma lithium refinery. Operating cash outflow increased to $8.5 million for the nine months, while financing activities provided $10.1 million.
Stardust Power (NASDAQ: SDST), an American developer of battery-grade lithium products, has scheduled its third quarter 2024 financial results release for Wednesday, November 13, 2024, after market close. The company will host a conference call at 5:30 pm ET the same day, featuring CEO Roshan Pujari and CFO Uday Devasper to discuss company performance. Participants can join via registration link for dial-in access or through live audio webcast, and are advised to log in 15 minutes early.
Stardust Power (NASDAQ: SDST) has engaged MUFG Bank as lead financial advisor for developing one of the largest battery-grade lithium refining facilities in the United States. The project, located in Muskogee, Oklahoma, will be developed in two phases. Phase one aims to establish a capacity of 25,000 metric tons per annum of battery-grade lithium carbonate. Phase two is expected to double production to 50,000 metric tons annually, with a total facility investment of $1.2 billion. MUFG will support fundraising and advisory services for the first phase development, leveraging its extensive experience in natural resources and global banking.
Stardust Power Inc. (NASDAQ: SDST) has announced the appointment of Paramita Das as Chief Strategy Officer and Senior Advisor to the CEO. With over 20 years of experience in the metals and mining sector, Das brings valuable expertise to support Stardust Power's mission of reshoring lithium processing and production for U.S. energy independence.
Das previously held leadership positions at Rio Tinto, where she served as Global Head of Marketing, Development and ESG for Metals and Minerals. Her experience includes roles at Sumitomo , Itochu , UACJ Consortium, and BP. She currently serves on the boards of Genco Shipping & Trading and Coeur Mining, Inc.
In her new role, Das will advise CEO Roshan Pujari and support the company's next phase of commercialization and development, focusing on advancing Stardust Power's battery-grade lithium refinery in Oklahoma and establishing a robust ESG framework.
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