Stardust Power secures MUFG for Oklahoma lithium refinery

Investing.comOct 31, 2024 5:11 PM

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Stardust Power Inc (NASDAQ:SDST), a U.S.-based developer of battery-grade lithium products, announced it has engaged MUFG Bank as the lead financial advisor for its upcoming lithium refining facility in Muskogee, Oklahoma.

This partnership is set to propel the development of one of the largest battery-grade lithium refineries in the country.

The initial phase of the project will focus on establishing a production capacity of 25,000 metric tons per annum of lithium carbonate, a key component for electric vehicle batteries.

With an estimated total investment of $1.2 billion, the facility's second phase is expected to double the output to 50,000 metric tons annually.

MUFG's role includes supporting Stardust Power in fundraising and advisory services for the Muskogee project. The bank's extensive experience in the natural resources sector and its position as one of the world's largest banks make it a strategic choice for financial guidance.

Stardust Power’s Chief Executive Officer and Founder, Roshan Pujari, commented: “After an extensive review process, we are excited to engage MUFG, who has developed an exceptional reputation in critical materials, has deep investor relationships with extensive knowledge of lithium supply chains."

"As our exclusive financial advisor, the bank will play a key role in advising and supporting Stardust Power as our facility achieves its first phase of lithium carbonate production," Pujari added.

Adam Johnson, Chief Commercial Officer of Stardust Power, emphasized the importance of building resilient supply chains, especially for materials crucial to the energy transition.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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