The Biden administration closed a $2.26 billion loan Monday for a project that will process lithium from one of the largest deposits in the nation for electric vehicle batteries.
The loan is part of the administration’s goal of shoring up critical minerals and building up EV supply chains while reducing reliance on China, which dominates processing of the mineral.
Jigar Shah, who leads the Department of Energy’s loan office, shared in an online post that DOE has put the finishing touches on its commitment — first unveiled in March — to support construction of Lithium Americas’ refining plant in Humboldt County at its Thacker Pass mine.
The project, about 230 miles northeast of Reno in Humboldt County, will initially pump out up to 40,000 metric tons of lithium carbonate each year for EV batteries.