The new joint venture is developing the Thacker Pass project in Nevada
will contribute $625-million to their new joint venture for developing the Thacker Pass project in Nevada.
U.S. automakers are ramping up their output of EVs and hybrids and aiming to reduce their reliance on China for battery-related materials in a competitive market.The Vancouver-based firm said GM will acquire a 38 per cent asset-level ownership stake in Thacker Pass for $625-million, which includes $430-million of direct cash funding to support the construction of Phase 1 and a $195-million letter of credit facility.Earlier this year, the U.S.
The company said it expects to close the DOE loan in the next few weeks and intends to make the final investment decision for the project by the end of the year. Initial construction at the site in Humboldt County, just south of Nevada’s border with Oregon, started in March 2023 after Lithium Americas won a long-running and complex court case against conservationists, ranchers and Indigenous communities.
The lithium miner said GM will also enter into an additional 20-year offtake agreement for up to 38 per cent of production from Phase 2 of Thacker Pass, upon closing of the transaction.Study and track financial data on any traded entity: click to open the full quote page. Data updated as of
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