Is this U.S.-China selloff a buy? A top Wall Street voice weighs in
GREENWICH, Conn. - Stardust Power Inc. (NASDAQ: SDST), a U.S. company specializing in lithium products, has signed a service agreement with Oklahoma Gas and Electric Company (OG&E) to develop an electric substation for its upcoming lithium refinery in Muskogee, Oklahoma. The substation is a critical component in the establishment of one of North America’s largest lithium refineries, which is expected to significantly contribute to the domestic supply chain for battery-grade lithium.
Under the agreement, OG&E will handle the engineering, procurement, and construction of the substation, funded by Stardust Power through a long-term usage commitment. The refinery will require up to 40 megawatts of power, with the substation providing not only operating power but also accommodating future expansions.
Stardust Power’s CEO, Roshan Pujari, and COO, Chris Celano, emphasized the strategic importance of this partnership for advancing the project and supporting job creation, clean energy innovation, and investment in the region. The company is moving toward its Final Investment Decision (FID), which will initiate the detailed design and construction phases of the refinery.
The Muskogee site’s development is poised to generate hundreds of jobs and promote Oklahoma’s role in clean energy and advanced manufacturing. Stardust Power remains committed to sustainability throughout the process of producing up to 50,000 metric tons per annum of battery-grade lithium.
This news is based on a press release statement from Stardust Power Inc. The company’s forward-looking statements involve risks and uncertainties, including the ability to grow profitably, maintain relationships, and adapt to industry changes and regulations. With an EBITDA of -$18 million in the last twelve months and analyst price targets ranging from $1.70 to $6.00, investors should carefully consider the company’s development trajectory. For comprehensive analysis including 12 additional ProTips and detailed financial metrics, visit InvestingPro to access the full research report. Stardust Power advises caution in relying on these statements due to various factors that could cause actual results to differ from expectations.
In other recent news, Stardust Power Inc. reported a significant net loss of $23.8 million for the year 2024, a sharp increase from the $3.8 million loss in 2023. The company’s cash reserves have also decreased to $900,000 from $1.3 million the previous year. Despite these financial challenges, Stardust Power has 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, and exclusive licensing of KMX Technologies’ Vacuum Membrane Distillation technology. Additionally, Stardust Power has appointed Carlos Urquiaga as a Senior Advisor to guide the company through crucial stages, such as achieving Final Investment Decision and capital raising activities. The company also announced a change in its shareholder structure, resulting in the loss of its "controlled company" status on Nasdaq. Despite this shift, Stardust Power’s corporate governance remains unaffected as it had not previously utilized the exemptions available to controlled companies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.