Vancouver-based Lithium Americas Corp. has finalized a $2.26 billion loan from the U.S. Department of Energy through the Advanced Technology Vehicles Manufacturing Loan Program. This funding will support the construction of processing facilities at Thacker Pass in Humboldt County, Nevada.
Thacker Pass is North America’s largest known lithium resource, according to a news release. The project has a targeted total production capacity of 80,000 tons per year of battery-quality lithium carbonate, which will be developed in two phases of 40,000 tons per year each. The first phase is expected to begin in 2027. Lithium sourced from Thacker Pass will help meet the demand for electric vehicles, potentially enabling consumer tax credit incentives for up to 800,000 vehicles annually.
Earlier this month, Lithium Americas and General Motors formed a joint venture to finance the development, construction and operation of the site, the release shows. Initial construction began in early 2023, with site preparation completed for major construction. The three-year build is projected to create around 1,800 jobs.
