Summary
The U.S. government is obtaining a 5% stake in Lithium Americas, which is working on the Thacker Pass lithium mining project in Nevada. This move aims to reduce U.S. dependence on China for lithium, a key material for batteries in electric vehicles. The project is expected to produce enough lithium to support 800,000 electric vehicles annually.
Key Facts
- The U.S. Department of Energy will take a 5% stake in Lithium Americas and the Thacker Pass project.
- Thacker Pass is a joint venture with General Motors.
- The project aims to decrease U.S. reliance on China for lithium, crucial for high-tech batteries.
- In the first phase, Thacker Pass plans to produce 40,000 metric tons of lithium annually.
- General Motors is investing over $900 million in Thacker Pass.
- The deal includes a $435 million federal loan, with some debt service deferred for five years.
- Lithium Americas' stock increased by over 30% after the announcement.
