Biden Administration Offers $2 Billion Loan to Lithium Americas for EV Battery Material Production

• Biden administration to offer over $2 billion loan to Lithium Americas for lithium project in Nevada, largest ever loan to a mining company from DOE • Loan to help finance construction of lithium carbonate plant adjacent to Lithium Americas' Thacker Pass mine • Thacker Pass one of most promising US opportunities to produce lithium used in EV batteries, solar panels, wind turbines • GM, which has invested $650M in Lithium Americas, expected to be long-term buyer from the project • Comes amid efforts to boost domestic critical mineral supplies, with demand for lithium projected to exceed production by 2030