Lithium Americas Corp. has received a $2.26 billion conditional commitment from the U.S. Department of Energy. The loan is part of the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program and will be used to construct a lithium carbonate processing facility at Thacker Pass in Humboldt County, Nevada.
Opening phase planned to run for 40 years
The project will be developed in two phases, each with a capacity of 40,000 metric tons per year, with the first phase of production expected to begin in 2027. The project is expected to produce batteries for up to 800,000 electric vehicles per year, with its first phase being in operation for 40 years.
GM secures right to first 15 years of production
Financing for the venture is further supported by a 650-million-dollar investment from General Motors. Lithium production from the first phase will be available exclusively to GM for the first 15 years. The project is currently being reviewed by the Department of Energy under the National Environmental Policy Act (NEPA). Funding is subject to the satisfaction of certain technical, legal, and financial conditions.
Sources:
https://lithiumamericas.com/news/news-details/2024/Lithium-Americas-Receives-Conditional-Commitment-for-2.26-Billion-ATVM-Loan-from-the-U.S.-DOE-for-Construction-of-Thacker-Pass/default.aspx
https://www.energy.gov/lpo/articles/lpo-announces-conditional-commitment-lithium-americas-corp-help-finance-construction
