Investment Supports Thacker Pass Lithium Project in Nevada
General Motors (GM) has announced a significant $625 million investment in Lithium Americas’ Thacker Pass lithium project, reinforcing its commitment to expanding electric vehicle (EV) production in the U.S. while reducing reliance on Chinese battery materials. This partnership is part of GM’s strategy to secure a stable supply of critical minerals as the demand for EVs and hybrids continues to grow.
Canadian mining company Lithium Americas confirmed on Wednesday that GM will acquire a 38% ownership stake in the Thacker Pass project, with $430 million allocated to Phase 1 construction and an additional $195 million provided through a letter of credit facility.
Strategic Move to Secure U.S. Lithium Supply
The new agreement replaces a previously delayed $330 million investment from August, marking a key milestone for both companies. Lithium Americas CEO Jonathan Evans highlighted the importance of the deal, stating, “This partnership with GM is a major step toward meeting the growing demand for lithium as we transition to a sustainable energy future.”
Earlier this year, the U.S. Department of Energy offered Lithium Americas a loan of up to $2.26 billion to help construct the Thacker Pass project, which is expected to produce enough lithium to power 1 million EVs annually. The finalization of the DOE loan and a formal investment decision are expected by the end of the year.
GM Expands Investment in EV Battery Technology
In addition to the Thacker Pass venture, GM also announced a separate $10 million investment in Forge Nano, a materials science company. Forge Nano’s cutting-edge battery material coating technology is designed to enhance the performance and lifespan of EV batteries, further strengthening GM’s EV ecosystem.
“We’re excited to broaden our partnerships within the EV industry,” said GM Chief Financial Officer Paul Jacobson. “Our collaboration with Lithium Americas and Forge Nano demonstrates our commitment to advancing battery technology and ensuring a sustainable supply of essential materials for the future of electric mobility.”
