Lithium Americas has received its first $435 million drawdown from the U.S. Department of Energy’s (DOE) Loan Programs Office under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program. The financing, which is part of a $2.23 billion guaranteed loan package, will support the ongoing construction of processing facilities at the company’s Thacker Pass project in Humboldt County, Nevada. The project represents one of the most significant known lithium resources in North America. It is a cornerstone in building a secure domestic supply chain for electric vehicles and renewable energy storage batteries.
The DOE loan is a strategic step in advancing the Biden administration’s goal of strengthening the U.S. electric vehicle and clean energy ecosystem. Lithium Americas’ Thacker Pass project will provide a crucial domestic source of lithium—a mineral essential for high-performance batteries—helping reduce dependence on foreign supply chains. The funding marks a significant milestone for the company as it transitions from project development to large-scale construction.
Under the terms of the agreement, the DOE loan totals $2.23 billion, including $1.97 billion in principal and an estimated $256 million in capitalized interest during construction. The interest rate on each drawdown will align with the long-term U.S. Treasury rate applicable on the draw date, with a 0% spread. The loan carries a tenor of approximately 23 years from the date of the first draw, with principal and interest repayments scheduled to begin in January 2029. The company maintains the flexibility to prepay the loan at any time by covering principal and accrued interest, subject to certain conditions.
Lithium Americas can access additional funding monthly as project milestones are met and standard loan conditions are satisfied. Importantly, there are no financial model bringdown requirements for future drawdowns, providing a more efficient financing structure as the company advances construction.
The Thacker Pass development is progressing rapidly, with significant construction activities underway and a growing skilled workforce based in the newly completed housing facility in Winnemucca. Once operational, the project is expected to play a central role in establishing a sustainable lithium supply chain within the United States, supporting both national energy security and economic growth.
The DOE’s partnership with Lithium Americas underscores the government’s confidence in the project’s strategic importance for domestic manufacturing, clean energy, and the broader transition to electrification.
KEY QUOTE:
“We are excited that Thacker Pass is progressing rapidly. Construction of the processing facilities is underway and our expanding skilled workforce is already living in the housing facility we proudly built in Winnemucca. Together, we are forging a path toward building a U.S.-domestic lithium supply chain, and we are honored to have the DOE as a partner on this journey.”
Jonathan Evans, President and CEO, Lithium Americas Corp.
