DOE Takes 5% Stakes in Lithium Americas and GM Joint Venture to Expand U.S. Role in EV Battery Supply

Benzinga

The U.S. Energy Department secured 5% equity stakes in Lithium Americas and its GM joint venture as part of a $2.26 billion loan renegotiation. The move supports domestic lithium supply through the Thacker Pass mine, expected to power 800,000 EVs annually. Lithium Americas shares surged 34% after the announcement.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02The U.S. Department of Energy took equity stakes in Lithium Americas and its Nevada joint venture with General Motors

00:07as part of a federal loan renegotiation, according to TechCrunch.

00:11U.S. government will receive 5% equity stakes in both Lithium Americas and its joint venture with GM

00:16through no-cost warrants, giving the government the right to purchase shares at a set price.

00:21These terms stem from a renegotiation of a $2.26 billion Department of Energy loan awarded under the Biden administration.

00:27Energy Secretary Chris Wright sent the move strengthens domestic supply chains and reduces reliance on foreign Lithium.

00:34The Thacker Pass mine is projected to produce enough Lithium for up to 800,000 EVs annually in its first phase.

00:40For all things money, visit Benzinga.com.

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