Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the
“Company”), an American developer of battery-grade lithium
products, today announced that it has selected Primero USA
(“Primero”) to complete a front-end loaded level 3 (“FEL-3”)
engineering design and cost study, also known as a definitive
engineering study, for its strategically central lithium refinery
in Muskogee, Oklahoma.
Primero is a market-leading multidisciplinary
EPC firm (engineering, procurement and construction) that
specializes in the design, construction, and operation of lithium
projects. With offices across North America and Western Australia,
Primero delivers projects in over ten countries spanning five
continents and has a strong track record from recent engineering
for lithium refineries in Texas and North Carolina.
“Stardust Power chose Primero for our FEL-3
engineering study due to their robust technical proposal and the
team’s extensive background in lithium refining, including having
recently completed detailed engineering projects here in the United
States,” said Pablo Cortegoso, Co-Founder and Chief Technical
Officer of Stardust Power. “They were extremely competitive and
proved to be an agile engineering team that has collaborated
seamlessly with our team.”
The FEL-3 engineering study will provide
definitive detail and technical specifications regarding the
centrally located lithium refinery Stardust Power is building in
Muskogee, Oklahoma, which is expected to produce battery-grade
lithium products. The study will result in comprehensive cost
projections and estimates related to the overall project, design
and machinery specifications related to the refinery. The FEL-3 is
a culmination of significant technical work Stardust Power has
already commissioned.
The study will deliver a process design with the
development of a complete 3D engineering model, from which
engineers and contractors can provide a comprehensive estimated
total cost for the construction and machinery for the refinery.
Stardust Power will use this information to provide the market with
a cost basis for the project and line up the applicable financing
options. Once the FEL-3 study concludes, and with requisite
financing in place, the detailed engineering and long-lead
procurement effort will commence immediately, enabling the project
to commence major construction.
Stardust Power has a unique strategy to optimize
its large central refinery for multiple sources of brine input. “We
are honored to support Stardust Power’s innovative mission to build
American supply chains, Primero will provide the support needed to
commence major construction,” commented Matthew Taylor, General
Manager of Primero USA. “This is an essential project for Primero
and for the United States,” he added.
“Commencing the FEL-3 study marks another
exciting milestone for the Stardust Power team, highlighting our
dedication to building resilient American supply chains and
constructing one of the largest lithium refineries in North
America,” stated Roshan Pujari, Founder and CEO of Stardust Power.
“The initial phase of FEL-3 began in July, and we anticipate its
completion by early 2025. We are steamrolling toward the next
crucial inflection point, major construction of our refinery.”
About Stardust Power
Stardust Power is a developer of
battery-grade lithium products designed to supply the
electric vehicle (EV) industry and bolster America’s energy
leadership by building resilient supply chains. Stardust Power is
developing a strategically central lithium refinery in Muskogee,
Oklahoma with the anticipated capacity of producing up to 50,000
tonnes per annum of battery-grade lithium. The company is committed
to sustainability at each point in the process. Stardust Power
trades on the Nasdaq under the ticker symbol “SDST.”
For more information, visit www.stardust-power.com
Stardust Power Contacts:
For Investors:William
TatesInvestor.Relations@stardust-power.com
For Media:Michael Thompsonmedia@stardust-power.com
About Primero USA
Primero, a subsidiary of NRW Holdings, is a
multi-national engineering, procurement and construction business
with a global reach. Primero was founded in 2011 with a vision to
create a vertically integrated business in the mineral processing,
energy, iron ore and non-process infrastructure (NPI) market
segments as a turnkey project solution provider.
From major greenfield projects through to
brownfield projects on operating sites, Primero’s team of
professionals work with clients from the outset to solve complex
engineering challenges and create fit for purpose design and
construction solutions.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release
constitute “forward-looking statements.” Such forward-looking
statements are often identified by words such as “believe,” “may,”
“will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “plan,” “predict,” “forecasted,” “projected,”
“potential,” “seem,” “future,” “outlook,” and similar expressions
that predict or indicate future events or trends or otherwise
indicate statements that are not of historical matters, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements and factors that
may cause actual results to differ materially from current
expectations include, but are not limited to: the ability of
Stardust Power to recognize the anticipated benefits of the
Business Combination, which may be affected by, among other things,
competition, the ability of Stardust Power to grow and manage
growth profitably, maintain key relationships and retain its
management and key employees; risks related to the uncertainty of
the projected financial information with respect to Stardust Power;
risks related to the price of Stardust Power’s securities,
including volatility resulting from changes in the competitive and
highly regulated industries in which Stardust Power plans to
operate, variations in performance across competitors, changes in
laws and regulations affecting Stardust Power’s business and
changes in the combined capital structure; and risks related to the
ability to implement business plans, forecasts, and other
expectations and identify and realize additional opportunities. The
foregoing list of factors is not exhaustive.
Stockholders and prospective investors should
carefully consider the foregoing factors and the other risks and
uncertainties described in documents filed by Stardust Power from
time to time with the SEC.
Stockholders and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which only speak as of the date made, are not a
guarantee of future performance and are subject to a number of
uncertainties, risks, assumptions and other factors, many of which
are outside the control of Stardust Power. Stardust Power expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in the expectations of Stardust Power
with respect thereto or any change in events, conditions or
circumstances on which any statement is based.
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