# Stardust Power Inc. > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/Stardust Power Inc.). ## Overview Stardust Power Inc. is a U.S.-based development-stage battery-grade lithium company organized around a planned large-scale lithium refinery in Oklahoma. The business is designed to process multiple lithium brine inputs into battery-grade lithium products for electric vehicle and other battery supply chains. ## Products & services • Battery-grade lithium products • Lithium brine refining and purification • Feedstock blending and pre-treatment • Large-scale lithium refinery development • Domestic lithium supply for EV and battery markets - **Battery-grade lithium products** (70%) — Refined lithium chemicals intended for use in battery cells and related applications. - **Lithium brine processing** (15%) — Processing of lithium brine feedstock into a consistent refinery input stream. - **Refinery development services** (15%) — Engineering, site development, and build-out of the planned Oklahoma refinery. - Battery-grade lithium products - Lithium brine refining and purification - Feedstock blending and pre-treatment - Large-scale lithium refinery development - Domestic lithium supply for EV and battery markets ## Customers Stardust Power targets electric vehicle manufacturers as its primary end market, with additional potential demand from battery manufacturers and original equipment manufacturers. The company also references U.S. military and other domestic industrial users as possible customers for battery-grade lithium products. - **Electric vehicle manufacturers** (primary) — Primary target buyers for battery-grade lithium used in EV battery cells and supply chains. - **Battery manufacturers** (secondary) — Buy refined lithium inputs for cell production and value consistent chemical quality. - **Original equipment manufacturers (OEMs)** (secondary) — Use lithium products indirectly through battery supply chains and domestic sourcing programs. - **U.S. government and defense-related buyers** (emerging) — Potential strategic customers seeking secure domestic supply of critical minerals. - EV manufacturers seeking domestic battery-grade lithium supply - Battery manufacturers needing consistent lithium feedstock - OEMs that source lithium chemicals for battery supply chains - U.S. military and strategic buyers needing domestic materials - Industrial customers that value U.S.-based supply security ## Geography The company is based in the United States and is developing its refinery in Oklahoma, with the Muskogee site serving as the planned operating location. Its commercial focus is domestic, aimed at U.S. battery supply chains that want local sourcing and reduced dependence on foreign materials. - **United States** (100%) — Development-stage company with U.S.-based planned operations and domestic customer focus. - United States is the core market and operating base - Oklahoma is the planned refinery location - Muskogee site anchors the facility build-out - Domestic supply positioning matters for EV and battery buyers - U.S. location supports industrial policy and security themes ## Strategy Stardust Power’s strategy is to build a large central refinery that can accept multiple lithium brine inputs and produce battery-grade lithium at scale. It is also positioning itself as a domestic supplier for EV and battery customers who value U.S. sourcing, long-term contracts, and supply-chain resilience. - **Complete refinery development in phases** (medium-term) — Scaled processing capacity is the core operating asset and the basis for future sales. - **Secure lithium brine feedstock** (short-term) — Reliable input supply is necessary to run the refinery and support customer commitments. - **Win long-term customer contracts** (medium-term) — Battery customers typically require stable supply and predictable pricing structures. - **Position as a domestic critical-minerals supplier** (long-term) — U.S.-based sourcing can be a commercial advantage for EV and strategic buyers. - Build a phased refinery with up to 50,000 tpa capacity - Design the plant to process multiple brine feedstocks - Target long-term supply contracts with EV and battery buyers - Differentiate through broader contaminant screening - Secure feedstock and strategic partnerships upstream - Develop a domestic supply position in critical minerals ## Risks The company faces development-stage execution risk because its refinery is not yet in commercial production and requires substantial capital, engineering, and permitting progress. It is also exposed to feedstock availability, customer concentration in EV and battery markets, and commodity-linked pricing dynamics once operations begin. - **Going concern and financing risk** [critical] — The company needs additional capital to fund development and working capital before commercial production. - **Project execution risk** [high] — A first-of-its-kind refinery build requires engineering, permitting, and construction success. - **Feedstock supply risk** [high] — The refinery depends on third-party lithium brine inputs and supplier negotiations. - **EV market demand risk** [medium] — Planned sales are concentrated in EV and battery supply chains that can be cyclical. - **Commodity and contract pricing risk** [medium] — Future contracts are expected to use capped and variable pricing tied to market conditions. - No revenue yet, so the business depends on successful project execution - Capital needs are high because refinery build-out is still underway - Feedstock supply must be secured from third-party brine suppliers - Customer demand depends on EV and battery market adoption - Long-term lithium pricing may be volatile and contract-driven ## Accounting As a development-stage company, Stardust Power’s reported results are heavily influenced by capitalized project costs, deferred offering costs, and fair-value estimates rather than operating revenue. Investors should watch how management accounts for stock-based compensation, valuation of common shares, and any future impairment or project-cost judgments as the refinery progresses. - **Deferred offering costs** — Balances sheet and equity presentation - **Fair value of common shares** — Operating expense and equity valuation - **Capitalization of development and engineering costs** — Property, plant and equipment and expense timing - **Going concern disclosures** — Disclosure and financial statement context - No revenue recognition yet because commercial production has not started - Deferred offering costs are capitalized until a financing event closes - Fair value estimates affect stock-based compensation and equity valuation - Project and engineering costs may be capitalized or expensed depending on use - Future impairment judgments may affect site and development assets --- *Last updated: 2026-04-29T05:00:10.287646+00:00*