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GREENWICH, Conn. - Stardust Power Inc. (NASDAQ:SDST), an American company specializing in the development of battery-grade lithium products, announced today the appointment of Mr. Carlos Urquiaga as Senior Advisor. The company, currently valued at $29.53 million and trading at $0.51 per share, has seen its stock decline by 95% over the past year according to InvestingPro data. Urquiaga is set to bring his 30 years of experience in the finance sector to Stardust Power, directly reporting to Founder and CEO Roshan Pujari.
Urquiaga's career has been marked by his involvement in over $40 billion of financing and advisory transactions, particularly within the metals and mining, energy, and infrastructure sectors. His prior roles include significant positions at BNP Paribas, Citi, and Appian Capital, where he contributed to major financing projects, including the Quebrada Blanca Phase 2 and Cerro Verde expansions. His appointment comes at a crucial time, as InvestingPro analysis reveals the company faces significant financial challenges with negative EBITDA of -$17.97 million and a concerning current ratio of 0.09.
In his new role at Stardust Power, Urquiaga will guide the company through pivotal stages, focusing on achieving Final Investment Decision (FID) and spearheading capital raising activities. His efforts will be crucial in scaling lithium production to meet the surging demand for battery-grade materials.
CEO Roshan Pujari expressed enthusiasm for Urquiaga's appointment, citing his deep understanding of the metals and mining sector and his expertise in structuring complex financing transactions as invaluable assets for the company's growth and leadership in the lithium market.
Urquiaga also commented on his new role, emphasizing the increasing demand for battery-grade lithium and his commitment to supporting Stardust Power's capital and strategic partnership endeavors.
Stardust Power is currently developing a lithium refinery in Muskogee, Oklahoma, which is expected to produce up to 50,000 metric tons of battery-grade lithium annually. The company has emphasized its commitment to sustainability throughout its supply chain. InvestingPro subscribers can access 12 additional key insights about Stardust Power, along with a comprehensive Pro Research Report that provides deep-dive analysis of the company's financial health and growth prospects.
This announcement is based on a press release statement from Stardust Power Inc. and does not constitute an endorsement of the company's claims. It is intended to provide information regarding Stardust Power's recent executive appointment and strategic objectives.
In other recent news, Stardust Power Inc. reported its financial results for 2024, revealing a significant net loss of $23.8 million, up from a $3.8 million loss in the previous year. The company's cash reserves also decreased to $900,000 from $1.3 million in 2023. Despite these financial challenges, Stardust Power raised $4.1 million in Q4 2024 and an additional $5.75 million in January 2025 through various financing efforts. The company is focusing on strategic initiatives, including the acquisition of a 66-acre site in Muskogee, Oklahoma, as part of its expansion strategy. Stardust Power also secured an exclusive license for KMX Technologies' Vacuum Membrane Distillation technology to enhance operational efficiency. Additionally, the company announced a potential long-term supply deal with Sumitomo Corporation for lithium carbonate, which could further strengthen its market position. Analysts at AGP and Maxim Investment Bank have recently initiated coverage on Stardust Power, reflecting growing interest in the company's developments.
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