Stardust Power Inc., a Greenwich, Conn.-based developer focused on building domestic lithium refining capacity, has secured up to $15 million in senior secured convertible debt financing to advance initial work on its planned lithium refinery in Muskogee, Okla.
The company said the funding will provide bridge capital for engineering and procurement while it seeks state permits and full project-level construction financing. Securities filings show the facility includes an initial draw of $4 million intended to fund detailed engineering, infrastructure planning and procurement as the company works to build a battery-grade lithium carbonate refinery expected to produce 50,000 metric tons per year.
RELATED
Two markets, one industry: Commercial construction splits as 2025 draws to a close
Stardust does not mine raw materials. Instead, it plans to process lithium-containing raw materials into refined material for battery makers, placing the Muskogee project in the middle segment of the battery supply chain rather than mining or manufacturing battery cells.
Public state permit databases reviewed by ENR showed no filings under Stardust Power or common name variations for state air, water or waste permits tied to the Muskogee refinery as of Dec. 28. These approvals are required before full-scale construction of a chemical processing facility can begin.
In Oklahoma, environmental permitting for large industrial projects is overseen by the Oklahoma Department of Environmental Quality, which regulates air emissions, wastewater discharges, stormwater, and waste management. Industrial water supply approvals are handled separately by the Oklahoma Water Resources Board.
The project had a ceremonial groundbreaking in January 2025, but the state environmental permits required for full construction have not yet been filed or issued, indicating that subsequent activity has been limited to early groundwork and pre-construction work.
Stardust has not announced an engineering, procurement and construction contractor, nor has it disclosed a final construction cost or schedule. Requests for additional details on the project were not returned at press time.
The Muskogee project is part of a broader push to expand U.S. refining and conversion capacity for battery materials, a segment that researchers and policymakers have described as technically demanding. “Separating lithium selectively and efficiently from complex mixtures remains one of the most important technical challenges in building a domestic lithium supply chain,” said Venkat Srinivasan, director of the Argonne Collaborative Center for Energy Storage Science at Argonne National Laboratory, in published research on lithium processing technologies.
Until state permits are filed and construction financing is secured, activity on the Muskogee project is expected to remain focused on engineering and other preconstruction work rather than vertical construction.
