Stardust Power Inc, a lithium refiner, announced on Tuesday an agreement to go public through a merger with Global Partner Acquisition Corp II (GPAC) in a proposed transaction with a pro forma enterprise valuation of $490 million.
Stardust Power said it plans to use the proceeds from the offering to build a lithium refining facility in Greater Tulsa, Oklahoma that may produce as much as 50,000 metric tons of American battery-grade lithium per year.
The company noted it believes that designing a large central refinery optimized for multiple inputs of brine lithium feedstock provides an opportunity to scale production rather than the dependence on single assets.
"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," Stardust Power CEO Roshan Pujari said in a statement.
"Refined lithium is the key component in the lithium-ion batteries which make the proliferation of EVs (electric vehicles), and decarbonization of transportation, possible," Pujari added.
The transaction is expected to be completed during the first half of 2024, and Stardust Power shares are set to be listed on Nasdaq under the ticker symbol 'SDST’, according to the company.
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