(Bloomberg) — The Biden administration is offering a $2.26 billion loan to help Lithium Americas Corp. develop a Nevada lithium deposit that’s the country’s largest.
The conditional loan from the US Department of Energy will provide the vast majority of the capital needed to fund the first phase of development, the Vancouver-based company said in a statement Thursday, confirming an earlier Bloomberg News report. Shares of Lithium Americas jumped 28% in New York trading and 18% in Toronto as of 9:32 a.m.
The size of the investment in a company that’s little-known outside the industry underscores the urgency the Biden administration feels around securing supplies of the metal that’s key to the energy transition.
The funding being offered to the company’s Lithium Nevada Corp. subsidiary by the Energy Department will help finance construction of a lithium carbonate processing plant. The project will be adjacent to Lithium Americas’s $2.2 billion Thacker Pass mine, one of the country’s most promising opportunities to produce the metal that’s used in electric-vehicle batteries, solar panels and wind turbines.
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