US government takes 5% stake in Lithium Americas and joint venture with GM

The GM logo is seen on the China Headquarters in
 Shanghai, China, August 29, 2022.
 REUTERS/Aly Song

(Reuters) -Vancouver-based Lithium Americas said on Wednesday that the U.S. Department of Energy (DOE) has taken a 5% stake in the company, along with a separate 5% stake in its Thacker Pass lithium project joint venture with General Motors.

While the total deal value was not disclosed, Lithium Americas confirmed it has finalized an agreement with the DOE to initiate the first $435 million draw from a previously announced $2.26 billion loan to support development of the Thacker Pass site.

It will be the latest private sector investment by U.S. President Donald Trump's administration after recent stakes in Intel and MP Materials, seeking to boost industries seen as vital to U.S. national security.

By Ernest Scheyder

Full story at Yahoo News