Canadian miner Lithium Americas announced on Wednesday that General Motors will invest $625 million into their joint venture for the development of the Thacker Pass lithium project in Nevada.
This strategic partnership came as U.S. automakers ramp up production of electric vehicles (EVs) and hybrids, aiming to reduce their dependence on China for battery materials in an increasingly competitive market.
Lithium Americas reported that GM would acquire a 38% asset-level ownership stake in Thacker Pass, with the investment comprising $430 million in direct cash funding to support the construction of Phase 1, along with a $195 million letter of credit facility.
This new agreement replaces a previously delayed investment of $330 million announced in August.
“This partnership with GM signifies a major step forward in our commitment to supply the growing demand for lithium as we transition to a sustainable energy future,” said Lithium Americas CEO, Jonathan Evans.
Earlier this year, the U.S. Department of Energy had planned to lend Lithium Americas up to $2.26 billion to construct the Thacker Pass lithium project, which is capable of producing enough lithium to build 1 million electric vehicles annually.
The company expects to finalise the DOE loan in the coming weeks and aims to make a final investment decision for the project by the end of the year.
Initial construction at the Thacker Pass site in Humboldt County, located just south of the Oregon border, commenced in March 2023, following a successful resolution of a lengthy court battle against conservationists, ranchers, and Indigenous communities.
In addition to the investment in Thacker Pass, GM announced a separate investment of $10 million in Forge Nano, a materials science firm.
This investment is said to utilise Forge Nano’s battery material coating technology to enhance the performance and lifespan of EV cells.
“We’re excited to expand our partnerships in the EV ecosystem,” said GM’s Chief Financial Officer, Paul Jacobson.
“This collaboration with Lithium Americas and Forge Nano demonstrates our commitment to advancing battery technology and securing a sustainable supply of critical materials.”
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