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Stardust Power, a manufacturer of battery-grade lithium products, entered into a definitive agreement for a business combination with Global Partner Acquisition Corp. II, a publicly traded special purpose acquisition company (SPAC), that would result in Stardust Power becoming a publicly listed company on the Nasdaq under the new ticker symbol ‘SDST’.

The Pro forma implied an enterprise value of around $490 million for the combined company.

The transaction is expected to be completed during the first half of 2024. Stardust Power’s existing owners and management will roll 100% of their interests in Stardust Power into the combined company.

Stardust Power aims to establish domestic production of battery-grade lithium in the U.S. The company plans to construct the lithium refinery located in Greater Tulsa, Oklahoma, centrally located from a supply and offtake perspective designed to produce up to 50,000 metric tons of battery-grade lithium annually.

“Refined lithium is the key component in the lithium-ion batteries which make the proliferation of EVs, and decarbonization of transportation, possible. Domestic production of battery-grade lithium is also a crucial factor to American national security and leadership in the energy transition, which Stardust Power is working to address,” said Roshan Pujari, CEO of Stardust Power.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, served as an exclusive financial advisor and lead capital markets advisor to Stardust Power. Norton Rose Fulbright and Kirkland & Ellis LLP served as legal counsel to Stardust Power and GPAC II.

According to Mercom’s 9M and Q3 2023 Funding and M&A Report, 11 energy storage companies were acquired in 9M 2023, compared to 23 in 9M 2022.

Recently, Electriq Power, a provider of intelligent energy storage and management for homes and small businesses, announced the completion of its merger with TLG Acquisition One Corp, a publicly traded special purpose acquisition company.