Canadian mining company Lithium Americas said on Wednesday that GM will invest US$625 million in a newly formed joint venture between the two companies to develop the Thacker Pass project in Nevada. Earlier this year, the US Department of Energy had planned to provide Lithium Americas with a loan of up to $2.26 billion to build the Thacker Pass lithium project. The project has enough battery metal to produce 1 million electric vehicles a year. The company said it expects to complete the loan in the next few weeks and intends to make a final investment decision for the project before the end of this year.

Canadian mining company Lithium Americas said on Wednesday that GM will invest US$625 million in a newly formed joint venture between the two companies to develop the Thacker Pass project in Nevada. Earlier this year, the US Department of Energy had planned to provide Lithium Americas with a loan of up to $2.26 billion to build the Thacker Pass lithium project. The project has enough battery metal to produce 1 million electric vehicles a year. The company said it expects to complete the loan in the next few weeks and intends to make a final investment decision for the project before the end of this year.