January 18, 2024 Stardust Power Selects Oklahoma for Lithium Refinery

Stardust Power Inc. selects Oklahoma for largest battery-grade lithium refinery in the U.S.

TULSA, Okla. – Stardust Power Inc., a development stage American manufacturer of battery-grade lithium products, announced today that it has selected Southside Industrial Park in Muskogee, Oklahoma to build a new battery-grade lithium refinery, and is expected to be eligible to receive up to $257 million in state and federal economic incentives for the facility build-out. The Company may also be eligible for further federal grants and or incentives offered by the Department of Energy and the Department of Defense.

Stardust Power selected Muskogee, Oklahoma for its central refinery because of Oklahoma’s central U.S. location, facilitating delivery of lithium inputs and shipment of battery-grade lithium products over multiple transportation routes to support the Company’s refining operations. The area’s superior intermodal freight transport options as well as a highly skilled workforce trained in oil and gas engineering were other key factors. Additionally, Oklahoma is recognized as an emerging national leader in sustainable power, including solar and wind, supporting Stardust Power’s commitment to limit its carbon footprint.

“Stardust Power’s more than a billion-dollar investment is a testament to Oklahoma’s ‘all-of-the- above’ approach to energy, and our focus on workforce development,” said Oklahoma Governor Kevin Stitt. “As we see more energy manufacturers moving to our state, due in part to our competitive, performance-based incentives, Stardust Power’s new lithium refinery will create hundreds of new jobs while cementing Oklahoma’s place as the best state in the nation for critical mineral manufacturing. I’m proud to welcome Stardust Power to Oklahoma, and I applaud their commitment to American energy dominance.”

Muskogee Mayor Marlon Coleman also commented, “Muskogee is excited to welcome Stardust Power to our community, embracing a future filled with innovation and sustainable growth. Stardust Power’s choice to establish its cutting-edge lithium refinery here underscores Muskogee’s strategic advantages. We anticipate a prosperous partnership that contributes to our community’s continued success.”

“We welcome Stardust Power to Muskogee and are proud that our city and Port will be at the forefront of powering the future of America’s automotive industry,” said Kimbra Scott, Executive Director of Port Muskogee. “The decision to establish a state-of-the-art lithium refinery reinforces Port Muskogee’s unmatched advantages and our commitment to supporting emerging industries. We look forward to a longstanding partnership as Stardust Power plants its roots in Northeastern Oklahoma.”

“We would like to thank Governor Stitt and officials at the Oklahoma Department of Commerce, Tulsa Chamber, City and Port of Muskogee for their strong support,” said Roshan Pujari, Founder and CEO of Stardust Power. “Oklahoma offers many advantages for private employers, including a strong, well-trained workforce and an eye on the future of energy production and mobility.”

“Currently there is no large-scale refinery for battery-grade lithium in the United States, exposing the country to undue national security and supply chain risk,” continued Mr. Pujari. “We will work with oil and gas producers to address America’s growing energy demands. When fully operational, our new lithium refinery will both speed America’s energy transition and boost Oklahoma’s local economy, creating significant new investment and employment opportunities. We are excited to call Oklahoma our new home.”

The total value of the economic incentive package will ultimately be determined by Stardust Power achieving certain business milestones around job creation and local investment, including new machinery, equipment and manufacturing. The Oklahoma Department of Commerce performed an illustrative analysis of the incentive package based on the Company’s inputs. The Company currently expects to break ground in the first half of 2024.

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