(RTTNews) – General Motors Co. (GM) said that the company and Lithium Americas Corp. (LAC, LAC.TO) will jointly invest to develop the Thacker Pass mine in Nevada, which is the largest known source of lithium in the United States.
As per the deal, GM will make a $650 million equity investment in Lithium Americas. Lithium Americas estimates the lithium extracted and processed from the project can support production of up to 1 million EVs per year.
Lithium carbonate from Thacker Pass will be used in GM’s proprietary Ultium battery cells. Lithium is a key material in lithium-ion batteries and stands up well to repeated charging and discharging, delivers higher energy density.
Production at Thacker Pass is projected to begin in the second half of 2026. GM will receive exclusive access to Phase 1 production through a binding supply agreement and has the right of first offer on Phase 2 production. Lithium Americas expects Thacker Pass to create 1,000 jobs in construction and 500 in operations.