Stardust Power ⁣to Build Lithium Refinery After $490M SPAC Deal

Updated May ⁢27, 2025
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Stardust Power Inc., a battery-grade lithium manufacturer,is set to go public through‍ a business combination with Global Partner Acquisition Corp.II, a special‍ purpose ‍acquisition company (SPAC). ⁢The deal values Stardust Power at $490 million.

Upon completion,⁣ expected in the first half of 2024, the combined company will trade on the Nasdaq under the⁢ ticker ‍symbol “SDST.” current owners and management of ⁣Stardust Power will retain ⁢100% of their interests in ⁢the new⁢ entity.

The company intends to use⁣ the funds to construct a lithium refinery in Greater Tulsa,⁣ Okla. The facility is designed to produce up to 50,000 metric tons of battery-grade lithium annually. Stardust power has already secured 66 acres for‍ the refinery.

According to a Benchmark Mineral Intelligence report cited by the company, demand for lithium is projected to surge by ⁢approximately 5,700% by 2030, driven ⁣by the increasing need for lithium-ion batteries in electric vehicles.

“Stardust Power aims to solve one of the largest challenges of the energy⁣ transition –⁢ reliable access to the critical minerals that‍ will make the transition a reality,” said Roshan Pujari, CEO of Stardust Power.

The‍ International Energy Agency ⁤(IEA) estimates that a significant portion—up to 85%—of global lithium resources are currently refined into battery-grade lithium in China. The U.S. currently has minimal lithium refining capacity.

GPAC II is managed by ⁣executives from Antarctica Capital, a⁢ New York-based investment firm with approximately $1.5 billion in assets⁣ under management as of December 31,2022.

What’s next

With the SPAC ‍deal anticipated to close in⁤ early 2024, Stardust Power is⁣ poised to begin construction of its Oklahoma lithium refinery, aiming to ‍contribute considerably to the⁤ domestic ‍supply of battery-grade lithium and reduce reliance on foreign refining.