Lithium Americas Corp. (LAC.TO,LAC) Wednesday announced that it has inked a new investment deal with General Motors Holdings LLC to establish a joint venture for the purpose of funding, developing, constructing and operating Thacker Pass in Humboldt County, Nevada.
The JV transaction will deliver $625 million of cash and letters of credit from GM to Thacker Pass alongside the conditional commitment for a $2.3 billion U.S. Department of Energy loan announced earlier this year.
Under the terms of the Investment Agreement, GM will acquire a 38% asset-level ownership stake in Thacker Pass for $625 million in total cash and letters of credit, including $430 million of direct cash funding to the JV to support the construction of Phase 11 and a $195 million letter of credit facility that can be used as collateral to support reserve account requirements2 under the DOE Loan.
The JV transaction replaces the $330 million Tranche 2 common equity investment commitment from GM under its original investment agreement with the company announced in January 2023.
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