Stardust Energy Inc.(“the Firm” or “Stardust Energy”) (NASDAQ: SDST), an American developer of battery-grade lithium merchandise, right this moment introduced the completion of the acquisition of its 66-acre web site on the Southside Industrial Park in Muskogee, Oklahoma. This key acquisition marks one other important milestone because the Firm prepares to start development on certainly one of North America’s largest lithium refineries. With the Normal Allow for Stormwater Discharges from Development Actions now in place, and topic to finalizing venture financing, Stardust Energy is now positioned to start development.
Caption: Governor of Oklahoma, J. Kevin Stitt, and Founder and CEO, Stardust Energy, Roshan Pujari, met December 2, 2024, to debate the upcoming development of its lithium refinery in Muskogee, Oklahoma
Stardust Energy acquired this allow from the Oklahoma Division of Environmental High quality and has accomplished its Stormwater Air pollution Prevention Plan (SWPPP), which contains best-in-class administration practices to manage stormwater discharges throughout development and is designed to make sure compliance with environmental requirements and decrease potential impacts on the encircling space. This essential allow permits Stardust Energy to start development on the web site. Within the coming weeks, Stardust Energy plans to submit the remaining needed permits, marking the ultimate regulatory steps at this junction. This marks a major milestone for the Firm and its mission to onshore manufacturing of battery grade lithium for US power independence.
In January 2024, Stardust Energy chosen Muskogee, Oklahoma for its lithium refinery, citing the state’s central location and wonderful entry to multi-modal logistics. The positioning advantages from proximity to the nation’s largest inland waterway system, sturdy highway and rail networks, and a talented workforce rooted within the oil and fuel sector. Oklahoma’s management in sustainable power aligns with Stardust Energy’s dedication to lowering its carbon footprint. The shovel-ready web site close to the Port of Muskogee presents key development and operational benefits, with the potential to hurry up timelines. After thorough due diligence, together with environmental, technical, cultural, and logistical critiques, the location was confirmed as very best. It presents a location with an adjoining 40-acre parcel of land which the Firm has a proper of first refusal for future growth.
Roshan Pujari, Founder and CEO of Stardust Energy, said, “With the land buy full and key allowing secured, we’re excited to enter the development part in Muskogee. This milestone brings us nearer to our mission of changing into a number one provider of American battery-grade lithium. We’re deeply grateful for the continued assist from Governor Stitt, the Division of Environmental High quality, the Oklahoma Division of Commerce, the Tulsa Chamber, and the Metropolis and Port of Muskogee. Collectively, we endeavor to create lots of of high-quality manufacturing jobs and maintain Oklahoma on the forefront of America’s power management. Whereas the location’s infrastructure and logistics are excellent, the true asset of Oklahoma is its individuals.”
Earlier this 12 months, the Metropolis and County of Muskogee established a $27 million Tax Increment Financing (“TIF”) district to assist the venture. The TIF is anticipated to fund key infrastructure enhancements within the space, together with upgrades to industrial roads, rail line rehabilitation, and the substitute of a trestle bridge, enhancements which are essential to the profitable improvement of the refinery. Stardust Energy intends to assert again sure associated prices from TIF associated to the location, which might scale back total venture prices and enhance margins.
About Stardust Energy Inc.
Stardust Energy is a developer of battery-grade lithium merchandise designed to bolster America’s power management by constructing resilient provide chains. Stardust Energy is growing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capability of manufacturing as much as 50,000 metric tons every year of battery-grade lithium. The Firm is dedicated to sustainability at every level within the course of. Stardust Energy trades on the Nasdaq underneath the ticker image “SDST.”
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Cautionary Notice Relating to Ahead-Wanting Statements
Sure statements on this press launch represent “forward-looking statements.” Such forward-looking statements are sometimes recognized by phrases resembling “imagine,” “might,” “will,” “estimate,” “proceed,” “anticipate,” “intend,” “count on,” “ought to,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “appear,” “future,” “outlook,” and related expressions that predict or point out future occasions or traits or in any other case point out statements that aren’t of historic issues, however the absence of those phrases doesn’t imply {that a} assertion isn’t forward-looking. These forward-looking statements and components that will trigger precise outcomes to vary materially from present expectations embody, however will not be restricted to: the flexibility of Stardust Energy to develop and handle development profitably, keep key relationships and retain its administration and key staff; acquiring the required permits and governmental approvals to develop the location; the impression of the TIF on the location improvement and surrounding areas and infrastructure, and Stardust Energy’s skill to learn from such program; dangers associated to the uncertainty of the projected monetary data with respect to Stardust Energy; dangers associated to the worth of Stardust Energy’s securities, together with volatility ensuing from modifications within the aggressive and extremely regulated industries through which Stardust Energy plans to function, variations in efficiency throughout rivals, modifications in legal guidelines and laws affecting Stardust Energy’s enterprise and modifications within the mixed capital construction; and dangers associated to the flexibility to implement enterprise plans, forecasts, and different expectations and establish and notice further alternatives. The foregoing listing of things isn’t exhaustive.
Stockholders and potential traders ought to fastidiously take into account the foregoing components, and the opposite dangers and uncertainties described in paperwork filed by Stardust Energy every now and then with the SEC.
Stockholders and potential traders are cautioned to not place undue reliance on these forward-looking statements, which solely converse as of the date made, will not be a assure of future efficiency and are topic to plenty of uncertainties, dangers, assumptions and different components, lots of that are outdoors the management of Stardust Energy. Stardust Energy expressly disclaims any obligations or endeavor to launch publicly any updates or revisions to any forward-looking statements contained herein to replicate any change within the expectations of Stardust Energy with respect thereto or any change in occasions, situations or circumstances on which any assertion is predicated.
