Stardust Power Inc. (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, announced that it has engaged MUFG Bank, Ltd. (“MUFG”) as lead financial advisor in relation to the Company’s development of one of the largest battery-grade lithium refining facilities in the United States.
MUFG has been engaged to play a crucial role in supporting fundraising and advisory services in connection with the development of the first phase of Stardust Power’s Muskogee, Oklahoma project. The Company expects that the initial facility build-out will focus on establishing a phase one capacity of 25,000 metric tons per annum of battery-grade lithium carbonate. The completion of the first phase of the project will establish Stardust Power as one of the largest battery-grade lithium refineries in the United States. Development of a second phase is expected to double total annual production up to 50,000 metric tons per annum with an estimated total facility investment of $1.2 billion.
Given its status as one of the largest banks in the world, along with its extensive experience in the natural resources sector, MUFG is well-positioned to advise Stardust Power with respect to financing for the first phase of the project. The advisory team in New York for MUFG will be led by Managing Directors Daniel Seltzer and Christopher Buckingham. Mr. Seltzer notes, “We are proud to work with Roshan and the Stardust Power team to develop this critical piece of American infrastructure.
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, we look forward to working with Dan, Chris and the rest of the MUFG team.”
“Globally, we are seeing great partnerships form based on a shared determination to build resilient supply chains. The collaboration between MUFG and Stardust Power is a testament to that vision,” stated Adam Johnson, Chief Commercial Officer of Stardust Power. He adds, “Stardust Power is focused and dedicated in our effort to lead the onshoring of scaled battery-grade lithium production that is essential to the energy transition.”
