Stardust Power Inc. (NASDAQ:SDST) is one of the best EV battery stocks to buy in 2026. On April 20, Stardust Power Inc. (NASDAQ:SDST) signed a non-binding Letter of Intent, or LOI, with an institutional investor to support up to $150 million in project-level financing for its planned lithium refinery in Muskogee, Oklahoma. This LOI sets the stage for due diligence and negotiation of definitive agreements.

Stardust said in a press release that the LOI allows for the investment to be structured across equity, debt, or hybrid instruments. It added that the framework also allows the investor to bring in other parties through syndication. Put simply, the LOI provides flexibility in how the investor can assemble the capital stack.

Importantly, the company said it structured the financing as a project-level investment rather than a corporate-level raise. This way, the company can limit dilution for existing public shareholders while also helping establish a standalone, market-based valuation for the refinery asset itself.

Once fully built, the Muskogee refinery should produce up to 50,000 metric tons per year of battery-grade lithium carbonate. The lithium carbonate will be developed in two equal phases of roughly 25,000 metric tons, according to Stardust. The company added that the project has already cleared several key technical and regulatory hurdles, including a FEL-3 engineering study. Stardust has also received an air permit from the Oklahoma Department of Environmental Quality and obtained third-party engineering validation.

Stardust Power Inc. (NASDAQ:SDST) is a lithium refining company that produces battery-grade lithium used in EV batteries. The company focuses on processing lithium feedstock into high-purity lithium chemicals, such as lithium carbonate and lithium hydroxide, which are essential materials in lithium-ion battery production.

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