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Lithium Americas Receives $2.26 Billion DOE Loan for Thacker Pass Project

Posted on by Bobb
Lithium Americas Receives .26 Billion DOE Loan for Thacker Pass Project

Lithium Americas expects the first use of the DOE loan to occur around mid-2025. Photo: IM Imagery via Shutterstock.

Canadian company Lithium America closed a $2.26 billion loan from the U.S. Department of Energy’s (DOE) Office of Loan Programs under the Advanced Vehicle Technology Manufacturing Lending Program.

This funding is for the construction of processing facilities at the Thacker Pass lithium project in Humboldt County, Nevada, USA.

The loan will support development of the Tucker Pass deposit, currently the largest known lithium resource in North America.

The company is on track to make a final investment decision and issue a full commencement notice by the end of this year.

The mine will be developed in two phases with a total planned production capacity of 80,000 tonnes per annum of battery-grade lithium carbonate.

The first phase is expected to create approximately 1,800 jobs during construction and 360 full-time jobs over its 40-year operational life.

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Production at Tucker Pass is expected to begin in 2027, contributing to the electric vehicle (EV) sector and supporting up to 800,000 electric vehicles annually.

This is consistent with the US clean energy tax credit program, which encourages the use of domestic materials for electric vehicles.

Lithium Americas expects to receive its first DOE loan around mid-2025.

Lithium Americas President and CEO Jonathan Evans said, “We are pleased to have the Department of Energy’s support in advancing Thacker Pass into production and significantly improving domestic production of critical lithium supplies to meet growing domestic demands.

“This important loan helps us reduce our dependence on foreign suppliers and secure America’s energy future. We have significantly reduced the project financing risks for Phase 1 and continue to work closely with General Motors following our announcement of an asset-level joint venture.

“We deeply appreciate the U.S. government’s support as we develop Thacker Pass to become the largest lithium operator in North America and continue to collaborate with all of our stakeholders to bring shared success to our company, local communities and our country.”

In addition to this financial milestone, investment agreement On October 16, 2024, a joint venture was announced with General Motors (GM) for Thacker Pass.

GM will receive a 38% stake in the project for $625 million, including a $195 million letter of credit to satisfy reserve account requirements under the Department of Energy loan.