 |
| Stardust Power |
On May 15, Roshan Pujari, co-founder of battery-grade lithium refinery startup Stardust Power (SP), addressed a room full of potential investors at a luxury waterfront hotel in Greene. M Connecticut He discussed the company's ambitious plans to build and operate a large-scale brine refinery on a 66-acre site in Muskogee, Oklahoma. The project aims to process critical lithium ore. Electric vehicle (EV) batteries are expected to process up to 50,000 tonnes per year, enough to supply lithium to 1.1 million electric vehicles.
Stardust Power's lithium refinery project
To complete the project with a total cost of approximately $1.2 billion, Pujari said Stardust Power has received financing of up to $30 million from investors. However additional funds are still needed for construction. Specifically, the first phase requires costs of approximately $650 million. The company plans to go public through a deal with a special purpose acquisition financing company (SPAC), expected to close by the second quarter of 2024.
Benefit from government support
Many analysts view the project as having a high chance of success. Sam Abuelsamid, principal transportation and mobility analyst at Guidehouse Insights, said that "the Inflation Act and the Clean Vehicle Credit Act are increasing domestic demand for the mineral," which creates Demand for greater domestic lithium supply Importing lithium from abroad may increase carbon emissions from transportation. Therefore, localization of privatization is key.
Federal and state support
Stardust Power has applied for funding from a $3.5 billion bipartisan infrastructure law fund at the U.S. Department of Energy. Set aside to develop U.S. battery capacity. It hopes to receive between $200 and $225 million in funding by the end of this year. It also plans to apply for support from up to $257 million from the Oklahoma State Incentive Program.
Readiness of resources and location
Stardust Power has selected Muskogee, Oklahoma, as the location for its refinery. Due to its proximity to highways, railways and inland waterways. This reduces transportation costs. Oklahoma also has numerous electric vehicle charging stations and extensive oil and gas operations. making it an ideal location for operating a lithium business.
The future of lithium in the United States
Although the United States currently supplies just 3% of world lithium reserves, the development of domestic lithium processing and mining is increasing. The only lithium mine currently operating is Albemarle's facility in Silver Peak, Nevada. Stardust Power also has 35,000 acres of brine production in Nevada and Utah. Other companies, including Tesla and Lithium America, have plans to invest. Lithium projects in the US as well.
Stardust Power is making the United States a leader in the lithium industry. With plans to build a lithium refinery in Muskogee, Oklahoma, the project will not only help reduce reliance on foreign lithium; But it also strengthens local economies and creates many new jobs. Public-private partnerships will be key to ushering America into a new era of clean, sustainable energy.
0 Comments