Stardust Power Signs LOI for $150 Million Financing with Investor
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 20 2026
0mins
Stardust Power announced that it has entered into a Letter of Intent with a single institutional investor to support project level financing for its planned lithium refinery in Muskogee, Oklahoma. Under the terms of the LOI, the institutional investor has indicated its intent to invest up to $150 million at the project level, with flexibility across equity, debt, and hybrid financing structures. The investment is expected to be made as we continue to secure funding from other investors, and it will help us develop our long-term capital plans. Structuring the investment at the asset level is expected to reduce dilution for public shareholders while supporting the establishment of a transparent, market-driven valuation for the refinery.
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Analyst Views on SDST
Wall Street analysts forecast SDST stock price to rise
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 1.810
Low
9.00
Averages
9.00
High
9.00
Current: 1.810
Low
9.00
Averages
9.00
High
9.00
About SDST
Stardust Power Inc. is a developer of battery-grade lithium products. The Company is developing a strategically central lithium processing facility in Muskogee, Oklahoma with a capacity to produce up to 50,000 metric tons per annum of battery-grade lithium. The Company is in the process of creating capacity to manufacture battery-grade lithium products, primarily for the electric vehicle (EV) market, by developing a large-scale lithium refinery in the United States. It seeks to sell its products to electric vehicle manufacturers as the primary market, with applications in other areas, such as battery manufacturers, the United States military, and original equipment manufacturers. It sources supply from multiple sources, which include lithium brine assets, produced water from oil and gas producers, and technical or crude grade lithium. It uses sustainable sources of power, which are accessible in Oklahoma, including solar and wind power.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Stardust Power Initiates Engineering for Lithium Refinery
- Engineering Activities Commenced: Stardust Power has initiated site engineering activities at its lithium refinery in Muskogee, Oklahoma, marking a significant transition from front-end engineering to execution-level design, which is expected to accelerate project progress and reduce execution risks.
- Partner Selection: The company has engaged leading EPC firm Brown & Root to conduct site borings and subsurface investigations, which will provide critical site-specific data for foundation design and future construction planning, ensuring smooth project advancement.
- Production Capacity Goals: The refinery is designed to produce up to 50,000 metric tons of battery-grade lithium carbonate annually, and is expected to become one of the largest lithium refining facilities in the U.S., addressing the urgent domestic need for lithium refining capacity and enhancing U.S. critical mineral independence.
- Long-term Value Creation: The CEO of Stardust Power emphasized that through systematic risk reduction and the advancement of engineering activities, the project will create long-term value for shareholders, further solidifying the company's strategic position in the energy and manufacturing sectors.
See More
Stardust Power Selected for DOE Lithium Extraction Research Partnership
- Strategic Partnership: Stardust Power has been selected as an industrial partner in a U.S. Department of Energy-funded research program aimed at developing next-generation electrochemical technology for lithium extraction from domestic waste streams, highlighting the company's critical role in the lithium supply chain.
- Project Background: Led by Ohio University's Institute for Sustainable Energy and the Environment, the project focuses on extracting lithium from wastewater from oil and gas operations and drainage from legacy coal mines, reflecting U.S. strategic priorities in critical minerals and energy security.
- Commercialization Pathways: As the industrial partner, Stardust Power will evaluate lithium samples produced by the research team and support downstream commercialization pathways for potential refining applications, thereby enhancing its competitiveness in the lithium battery market.
- Future Outlook: Stardust Power's lithium refinery, strategically located in the heart of the U.S. energy and manufacturing corridor, is expected to have a production capacity of up to 50,000 metric tons per annum, addressing the critical shortage of U.S. lithium refining capacity and promoting the resilience of the domestic battery supply chain.
See More
Stardust Power Reports Q1 Loss Exceeding Expectations
- Earnings Report Loss: Stardust Power's Q1 GAAP EPS of -$0.53 misses expectations by $0.14, indicating significant challenges in profitability that could undermine investor confidence.
- Liquidity Decline: As of March 31, 2026, the company's cash and cash equivalents stood at approximately $1.2 million, down from $3.5 million as of December 31, 2025, highlighting increased pressure on financial management and operational expenditures.
- Widening Net Loss: The company reported a net loss of $5.2 million for Q1 2026, compared to $3.8 million in the same period of 2025, reflecting difficulties in cost control and revenue growth that may impact future financing capabilities.
- Capital Deployment Strategy: Despite the losses, Stardust Power continues to allocate capital towards engineering and site readiness, demonstrating a strong commitment to long-term growth and competitiveness in the market.
See More
Stardust Power Secures $150 Million Financing for Lithium Refinery
- Financing Agreement Signed: On April 20, Stardust Power Inc. signed a non-binding Letter of Intent with an institutional investor to support up to $150 million in project-level financing for its lithium refinery in Muskogee, Oklahoma, laying the groundwork for due diligence and negotiation of definitive agreements.
- Flexible Financing Structure: The LOI allows the investment to be structured across equity, debt, or hybrid instruments, providing flexibility for the investor and enabling the introduction of other parties through syndication, thereby optimizing the capital stack.
- Project-Level Investment Advantage: Stardust structured the financing as a project-level investment rather than a corporate-level raise, which limits dilution for existing public shareholders while establishing a standalone market-based valuation for the refinery asset, enhancing investment appeal.
- Production Expectations: Once fully built, the Muskogee refinery is expected to produce up to 50,000 metric tons of battery-grade lithium carbonate annually, developed in two equal phases of approximately 25,000 metric tons each, with the project having cleared several key technical and regulatory hurdles to ensure feasibility and compliance.
See More
Stardust Power to Release Q1 2026 Financial Results
- Earnings Release Schedule: Stardust Power is set to announce its Q1 2026 financial results after market close on May 14, 2026, which is expected to provide critical insights into the company's financial health and could influence investor confidence.
- Executive Conference Call: Founder and CEO Roshan Pujari, along with CFO Uday Devasper, will host a conference call at 5:30 PM ET on the same day to discuss the financial results and answer investor questions, enhancing transparency and communication.
- Lithium Refinery Construction Plans: The company plans to build a lithium refinery in Muskogee, Oklahoma, with an annual production capacity of up to 50,000 metric tons of battery-grade lithium carbonate, aimed at bolstering U.S. energy security and promoting sustainability.
- Market Positioning and Strategic Importance: As a developer of battery-grade lithium carbonate, Stardust Power's strategic initiatives not only aim to meet the growing demand in the electric vehicle market but also enhance the U.S.'s competitiveness in the global lithium supply chain.
See More
Stardust Power Signs LOI for $150M Investment in Lithium Refinery
- LOI Signing: Stardust Power has signed a Letter of Intent with a single institutional investor to secure up to $150 million in project-level financing for its lithium refinery in Muskogee, Oklahoma, indicating growing institutional interest in U.S. lithium refining infrastructure.
- Capital Structure Optimization: The investment will be structured at the project level, aimed at reducing dilution for public shareholders while supporting the establishment of a transparent, market-driven valuation, thereby enhancing the company's competitiveness in the lithium battery materials supply chain.
- Accelerated Project Progress: The lithium refinery is designed to produce up to 50,000 metric tons annually and has completed a FEL-3 engineering study along with securing key permits, with construction expected to commence swiftly upon financing, further advancing U.S. energy security.
- Strategic Implications: CEO Roshan Pujari noted that the signing of this LOI marks a key milestone in the project's capital stack, reflecting institutional investors' recognition of the project's viability and signaling significant growth potential in the lithium battery market.
See More
Stardust Power Initiates Engineering for Lithium Refinery
- Engineering Activities Commenced: Stardust Power has initiated site engineering activities at its lithium refinery in Muskogee, Oklahoma, marking a significant transition from front-end engineering to execution-level design, which is expected to accelerate project progress and reduce execution risks.
- Partner Selection: The company has engaged leading EPC firm Brown & Root to conduct site borings and subsurface investigations, which will provide critical site-specific data for foundation design and future construction planning, ensuring smooth project advancement.
- Production Capacity Goals: The refinery is designed to produce up to 50,000 metric tons of battery-grade lithium carbonate annually, and is expected to become one of the largest lithium refining facilities in the U.S., addressing the urgent domestic need for lithium refining capacity and enhancing U.S. critical mineral independence.
- Long-term Value Creation: The CEO of Stardust Power emphasized that through systematic risk reduction and the advancement of engineering activities, the project will create long-term value for shareholders, further solidifying the company's strategic position in the energy and manufacturing sectors.
See More
Stardust Power Selected for DOE Lithium Extraction Research Partnership
- Strategic Partnership: Stardust Power has been selected as an industrial partner in a U.S. Department of Energy-funded research program aimed at developing next-generation electrochemical technology for lithium extraction from domestic waste streams, highlighting the company's critical role in the lithium supply chain.
- Project Background: Led by Ohio University's Institute for Sustainable Energy and the Environment, the project focuses on extracting lithium from wastewater from oil and gas operations and drainage from legacy coal mines, reflecting U.S. strategic priorities in critical minerals and energy security.
- Commercialization Pathways: As the industrial partner, Stardust Power will evaluate lithium samples produced by the research team and support downstream commercialization pathways for potential refining applications, thereby enhancing its competitiveness in the lithium battery market.
- Future Outlook: Stardust Power's lithium refinery, strategically located in the heart of the U.S. energy and manufacturing corridor, is expected to have a production capacity of up to 50,000 metric tons per annum, addressing the critical shortage of U.S. lithium refining capacity and promoting the resilience of the domestic battery supply chain.
See More
Stardust Power Reports Q1 Loss Exceeding Expectations
- Earnings Report Loss: Stardust Power's Q1 GAAP EPS of -$0.53 misses expectations by $0.14, indicating significant challenges in profitability that could undermine investor confidence.
- Liquidity Decline: As of March 31, 2026, the company's cash and cash equivalents stood at approximately $1.2 million, down from $3.5 million as of December 31, 2025, highlighting increased pressure on financial management and operational expenditures.
- Widening Net Loss: The company reported a net loss of $5.2 million for Q1 2026, compared to $3.8 million in the same period of 2025, reflecting difficulties in cost control and revenue growth that may impact future financing capabilities.
- Capital Deployment Strategy: Despite the losses, Stardust Power continues to allocate capital towards engineering and site readiness, demonstrating a strong commitment to long-term growth and competitiveness in the market.
See More
Stardust Power Secures $150 Million Financing for Lithium Refinery
- Financing Agreement Signed: On April 20, Stardust Power Inc. signed a non-binding Letter of Intent with an institutional investor to support up to $150 million in project-level financing for its lithium refinery in Muskogee, Oklahoma, laying the groundwork for due diligence and negotiation of definitive agreements.
- Flexible Financing Structure: The LOI allows the investment to be structured across equity, debt, or hybrid instruments, providing flexibility for the investor and enabling the introduction of other parties through syndication, thereby optimizing the capital stack.
- Project-Level Investment Advantage: Stardust structured the financing as a project-level investment rather than a corporate-level raise, which limits dilution for existing public shareholders while establishing a standalone market-based valuation for the refinery asset, enhancing investment appeal.
- Production Expectations: Once fully built, the Muskogee refinery is expected to produce up to 50,000 metric tons of battery-grade lithium carbonate annually, developed in two equal phases of approximately 25,000 metric tons each, with the project having cleared several key technical and regulatory hurdles to ensure feasibility and compliance.
See More
Stardust Power to Release Q1 2026 Financial Results
- Earnings Release Schedule: Stardust Power is set to announce its Q1 2026 financial results after market close on May 14, 2026, which is expected to provide critical insights into the company's financial health and could influence investor confidence.
- Executive Conference Call: Founder and CEO Roshan Pujari, along with CFO Uday Devasper, will host a conference call at 5:30 PM ET on the same day to discuss the financial results and answer investor questions, enhancing transparency and communication.
- Lithium Refinery Construction Plans: The company plans to build a lithium refinery in Muskogee, Oklahoma, with an annual production capacity of up to 50,000 metric tons of battery-grade lithium carbonate, aimed at bolstering U.S. energy security and promoting sustainability.
- Market Positioning and Strategic Importance: As a developer of battery-grade lithium carbonate, Stardust Power's strategic initiatives not only aim to meet the growing demand in the electric vehicle market but also enhance the U.S.'s competitiveness in the global lithium supply chain.
See More
Stardust Power Signs LOI for $150M Investment in Lithium Refinery
- LOI Signing: Stardust Power has signed a Letter of Intent with a single institutional investor to secure up to $150 million in project-level financing for its lithium refinery in Muskogee, Oklahoma, indicating growing institutional interest in U.S. lithium refining infrastructure.
- Capital Structure Optimization: The investment will be structured at the project level, aimed at reducing dilution for public shareholders while supporting the establishment of a transparent, market-driven valuation, thereby enhancing the company's competitiveness in the lithium battery materials supply chain.
- Accelerated Project Progress: The lithium refinery is designed to produce up to 50,000 metric tons annually and has completed a FEL-3 engineering study along with securing key permits, with construction expected to commence swiftly upon financing, further advancing U.S. energy security.
- Strategic Implications: CEO Roshan Pujari noted that the signing of this LOI marks a key milestone in the project's capital stack, reflecting institutional investors' recognition of the project's viability and signaling significant growth potential in the lithium battery market.
See More
