US lithium developer Stardust Power (NASDAQ: SDST) announced Wednesday it has entered into a non- binding Letter of Intent with battery technology company Charge CCCV LLC, (CV4) for the supply of battery-grade lithium carbonate from Stardust Power’s lithium refinery in Muskogee, Oklahoma to support C4V’s battery manufacturing joint ventures in the US. 

C4V provided a preliminary lithium carbonate demand forecast showing a phased approach for the potential offtake of 3,000 MT in 2028; 10,000 MT in 2029 and 20,000 MT by 2030.  

Stardust said the agreements, if finalized, could cover a large share of its planned lithium production and could generate billions of dollars in sales if lithium prices remain at current levels. 

The deal comes as the US races to secure domestic sources of lithium amid growing concerns over reliance on imports from China.  

In February, the refiner inked a deal to supply Japan’s Sumitomo Corporation with at least 20,000 tonnes of lithium carbonate a year when its refinery in Oklahoma enters production.  

In June, Stardust Power was selected for a US Department of Energy-funded research program to develop next-generation electrochemical technology for the extraction of lithium from waste. 

“C4V is one of the few gigafactory platforms currently operating in the United States, and their forecasted demand profile highlights the scale of domestic battery manufacturing now taking shape,” Stardust Power CEO Roshan Pujari said in a news release. 

Stardust Power stock closed the day down 8.5% on the Nasdaq. The company has a $6.6 million market capitalization.