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    Stardust Power Shares Boosted by Sumitomo Lithium Offtake Deal

    Giann Liguid
    Feb. 04, 2025 08:55AM PST

    Stardust Power is advancing the construction of its US$1.2 billion lithium refinery at the Southside Industrial Park in Muskogee, Oklahoma.

    Business handshake.
    sebra / Adobe Stock

    Stardust Power (NASDAQ:SDST) shares rose as high as US$1.20 on Monday (February 3) after the announcement of a non-binding offtake agreement with Sumitomo Corporation of Americas.

    It outlines a potential long-term supply deal for lithium carbonate from Stardust’s refinery in Oklahoma, US.

    According to a Form 8-K filing with the US Securities and Exchange Commission, the companies have signed a letter of intent for the supply of 20,000 metric tons of lithium carbonate annually from Stardust’s first production line.


    There is the possibility to increase the amount to 25,000 metric tons.

    Under the proposed terms, Sumitomo would commit to purchasing lithium carbonate at prices based on market rates published by Fastmarkets, or another mutually recognized price-reporting agency. The deal also includes provisions that would allow the parties to adjust pricing as necessary to accommodate specific customers.

    The agreement is structured for an initial term of 10 years, with an option to extend for an additional five years.

    Additionally, before Stardust’s lithium product reaches battery-grade qualification for end users, Sumitomo would purchase technical-grade lithium at agreed annual volumes or in amounts equivalent to Stardust’s production capacity.

    These purchases would also be priced according to prevailing market rates.

    The agreement further outlines joint marketing efforts to promote Stardust’s lithium carbonate. Sumitomo has committed to conducting minimum marketing activities, with specific obligations to be determined in the final contract.

    The transaction remains non-binding, with both parties working toward a definitive offtake agreement. The agreement comes as Stardust advances construction of its US$1.2 billion lithium refinery at the Southside Industrial Park.

    The company recently broke ground on the facility, which will be among the largest lithium-refining operations in the US.

    Once operational, the refinery’s first production line will have the capacity to produce 25,000 metric tons of lithium carbonate per year, with a planned second line doubling capacity to 50,000 metric tons. Output is expected to support growing demand for lithium in battery manufacturing, particularly for electric vehicles and energy storage.

    Stardust acquired the 66 acre site near the Port of Muskogee in December 2024. The company selected the location following an independent environmental assessment in 2023, which determined the site’s suitability for lithium refining.

    The project has received support from local and state officials, who view it as a key part of the region’s economic development strategy.

    Don’t forget to follow us @INN_Resource for real-time news updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    Editorial Disclosure: Stardust Power is a client of the Investing News Network. This article is not paid-for content.

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    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

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