An industrial park in Muskogee has been chosen by Stardust Power Inc. to build a new battery-grade lithium refinery.
The company anticipates receiving up to $257 million in state and federal economic incentives for the facility build-out in the Southside Industrial Park. Stardust Power is a development stage American manufacturer of battery-grade lithium products.
The company’s planned refinery will be capable of producing up to 50,000 metric tonnes per annum of battery-grade lithium. Stardust Power is expected to become a publicly traded company on Nasdaq under the ticker symbol “SDST” via a planned business combination with Global Partner Acquisition Company II (NASDAQ:GPAC), a special purpose acquisition company.
It might also be eligible for further federal grants and or incentives offered by the Department of Energy and the Department of Defense.
“Stardust Power’s more than a billion-dollar investment is a testament to Oklahoma’s ‘all-of-the-above’ approach to energy, and our focus on workforce development,” said Oklahoma Governor Kevin Stitt.
“As we see more energy manufacturers moving to our state, due in part to our competitive, performance-based incentives, Stardust Power’s new lithium refinery will create hundreds of new jobs while cementing Oklahoma’s place as the best state in the nation for critical mineral manufacturing. I’m proud to welcome Stardust Power to Oklahoma, and I applaud their commitment to American energy dominance.”
“We welcome Stardust Power to Muskogee and are proud that our city and Port will be at the forefront of powering the future of America’s automotive industry,” said Kimbra Scott, Executive Director of Port Muskogee.
“We would like to thank Governor Stitt and officials at the Oklahoma Department of Commerce, Tulsa Chamber, City and Port of Muskogee for their strong support,” said Roshan Pujari, Founder and CEO of Stardust Power. “Oklahoma offers many advantages for private employers, including a strong, well-trained workforce and an eye on the future of energy production and mobility.”
“Currently there is no large-scale refinery for battery-grade lithium in the United States, exposing the country to undue national security and supply chain risk,” continued Pujari.
“We will work with oil and gas producers to address America’s growing energy demands. When fully operational, our new lithium refinery will both speed America’s energy transition and boost Oklahoma’s local economy, creating significant new investment and employment opportunities. We are excited to call Oklahoma our new home.”
The total value of the economic incentive package will ultimately be determined by Stardust Power achieving certain business milestones around job creation and local investment, including new machinery, equipment and manufacturing. The Oklahoma Department of Commerce performed an illustrative analysis of the incentive package based on the Company’s inputs. The Company currently expects to break ground in the first half of 2024.
Stardust Power selected Muskogee, Oklahoma for its central refinery because of Oklahoma’s central U.S. location, facilitating delivery of lithium inputs and shipment of battery-grade lithium products over multiple transportation routes to support the Company’s refining operations. The area’s superior intermodal freight transport options as well as a highly skilled workforce trained in oil and gas engineering were other key factors. Additionally, Oklahoma is recognized as an emerging national leader in sustainable power, including solar and wind, supporting Stardust Power’s commitment to limit its carbon footprint.
Source: press release
