DOE takes 5% stake in Lithium Americas and GM Thacker Pass JV

The U.S. Department of Energy said Tuesday it will take a minority equity stake in Lithium Americas and in the companys Thacker Pass lithium project in northern Nevada, a move intended to accelerate development of one of the countrys largest domestic lithium deposits. Energy Secretary Chris Wright said the government will acquire a 5 percent stake in the Vancouver based miner and a separate 5 percent stake in the Thacker Pass joint venture with General Motors, as Washington seeks to expand domestic supplies of a metal critical to electric vehicle batteries and renewable energy systems.

Officials said the investment accompanies changes to a roughly 2.3 billion federal loan that is backing construction of a lithium carbonate processing plant adjacent to the Thacker Pass mine. Lithium Americas said it reached a nonbinding agreement in principle with the Energy Department to advance a first draw of 435 million on the loan and that the department agreed to defer 182 million of debt service over the first five years. The loan was finalized in October 2024 and is intended to support a facility expected to produce about 40,000 metric tons per year of battery grade lithium carbonate in...