A new SPAC deal might lay the groundwork for the future of lithium refining in America.
What’s happening:
- New York based lithium refiner Stardust Power has entered into a deal to go public via a SPAC with Global Partner Acquisition Corp II
- The SPAC deal is valued at approximately $490M USD
Going deeper:
- Stardust Power is aiming to build one of the largest lithium refineries based in the United States to produce battery grade lithium for electric vehicles
- Most lithium refining currently takes place outside of the United States, with much of the world’s supply of refined lithium coming from China
By the numbers:
- Stardust plans to open their facility in Tulsa, Oklahoma on a 66 acre property
- They aim to produce 50,000 metric tonnes of battery grade lithium from that facility per year
- Currently, China controls about 90% of the world’s lithium refining capacity
The intrigue:
- Stardust Power is owned by VIKASA Capital, a private American holding company focused on accelerating the energy transition
