Aerial view of a dirt road leading up through the Thacker Pass Lithium mining area.
Earlier this month, General Motors said it would invest $625 million into Lithium Americas’ Thacker Pass project in Humboldt County.
According to a press release, GM will acquire a 38% asset-level ownership stake in Thacker Pass, which includes $430 million of cash funding to support the construction of Phase 1 and a $195 million letter of credit facility.
Thacker Pass reportedly holds enough lithium to build 1 million electric vehicles annually.
Earlier this year, the U.S. Department of Energy said it would lend Lithium Americas up to $2.26 billion to build Thacker Pass. That deal is expected to close in the next few weeks.
Initial construction started in March 2023.
The lithium miner said GM will also enter into an additional 20-year offtake agreement for up to 38% of production from Phase 2 of Thacker Pass, upon closing of the transaction.
