The process is being run by VIKASA Capital, according to a teaser. The company also has a relationship with Stanwich Advisors.
Stardust is a carved-out subsidiary of Connecticut-based VIKASA, which is in the process of deploying its first renewables fund, one of the sources said.
Stardust is focused on aggregating supply by acquiring lithium brine assets and building a proposed lithium refinery in the US, one of the sources said. The company has quietly lined up brine asset purchases in Nevada and Texas; it has an asset in Africa and is exploring Europe as well.
While a teaser does not specify what Stardust needs to raise, sources say the capital will be raised in tranches in 2023, rounding out at around USD 100m in a private placement. Additional capital markets financing is on the table as well.
There are also discussions about taking the company public, one of the sources said.
“Stardust Power is committed to sustainable solutions for America’s national security interests in the critical supply chain of the global energy transition;’ VIKASA CEO Roshan Pujari said in an email.
Stanwich declined to comment for this article.
Despite global demand for lithium to feed the international energy storage and electric vehicle markets, the industry in North America is minimal. At present there is only one producing deposit: the Clayton Valley lithium deposit in Nevada.