Stardust Power is a pre-revenue development-stage company building a battery-grade lithium carbonate (BGLC) refinery in Muskogee, Oklahoma. The planned facility is designed to refine lithium chloride feedstock — sourced from oilfield brines, salt flats, geothermal brines, and produced water — into BGLC with approximately 99.5%–99.9% purity, the key input material used by battery manufacturers to produce cathodes for lithium-ion batteries in EVs, energy storage systems, and defense applications. The refinery is planned to reach up to 50,000 metric tons per annum of BGLC in two phases of 25,000 tpa each, with Phase 1 estimated to cost roughly $500M. Stardust Power's business model is midstream refining: buy lithium chloride from upstream brine producers, refine it into BGLC, and sell finished product to battery manufacturers, OEMs, and U.S. defense customers. The company plans to aggregate feedstock from multiple suppliers via a "hub and spoke" model to reduce supply risk. Stardust Power has non-binding offtake and feedstock letters of intent but no binding agreements. The company intends to finance construction through equity, debt, government grants, and performance-based incentives from Oklahoma of up to $257M, and is pursuing federal DOE and DOD grants. Stardust Power also holds an exclusive license for vacuum membrane distillation technology for lithium concentration across the U.S., Canada, and select international markets, which could provide a future licensing revenue stream.