In exchange for the technology needed for creation of its $1.2 billion proposed lithium plant at Muskogee, the largest of its kind in the U.S., the owner, Stardust Power Inc. agreed to give shares to the technology holder. It also has already made agreement to sell some of the produced lithium once the plant is operational.
In a recent SEC filing, Stardust Power inc. stated it had executed an exclusive license agreement with KMX Technologies, Inc. in order to use KMX’s technology to eventually produce 50,000 metric tons of lithium a year.
“The Company agreed to pay KMX a royalty comprised of 500,000 shares of Company common stock (the “Royalty Shares”) no later than March 15, 2025,” stated the filing. Stardust agreed to irrevocabluy license the use of KMX’s “vacuum membrane distillation technology and associated processes and systsems for the purpose of the company’s use of the technology in its refining and upstream operations.”
A report by Investing.com indicated that following the signing of the agreement, shares in Stardust Power Inc. moved upward and climbed 9.3% at one point. On Monday, it was a reversal of fortunes as prices fell 3 cents or 4.40% to 73 cents a share.
Headquartered in Tokyo, Japan, Sumitomo Corporation is described as one of the largest worlwide generating trading companies with nearly 73,000 employees with operations in metal, construction, tranportation, energy, mineeral resources and food.
