Biden admin offers $2B loan for Thacker Pass lithium project

By Hannah Northey | 03/14/2024 01:41 PM EDT

The mine in northern Nevada sits atop one of the nation’s largest deposits of lithium, a key component of electric vehicle batteries.

An employee stands near the Lithium Americas mine site at Thacker Pass.

An employee stands near the Lithium Americas mine site at Thacker Pass on April 24, 2023, near Orovada, Nevada. Rick Bowmer/AP

The Biden administration on Thursday unveiled a $2.26 billion conditional loan to develop the Thacker Pass project in Nevada, supercharging development of what could be the nation’s largest source of lithium for electric vehicle batteries.

The Energy Department is offering a conditional commitment for a direct loan to support construction of Lithium Americas’ refining plant in Humboldt County at its Thacker Pass mine. The project, about 230 miles northeast of Reno, sits on public land atop one of the largest deposits of lithium in the nation.

Nevada Democratic Sens. Jacky Rosen and Catherine Cortez Masto applauded DOE’s announcement in a joint statement and said it will help the U.S. tackle climate change, create hundreds of jobs and initially pump out up to 40,000 metric tons of battery-grade lithium carbonate each year for EV batteries.


“Nevada is a leader in lithium and critical minerals with the potential to power our nation’s transition to clean, renewable energy,” Rosen said. “That’s why it’s critical to invest in our lithium supply chain and make sure it’s done in a responsible and environmentally-sustainable way.”