Unlocking Thacker Pass: General Motors to Contribute Combined $625 Million in Cash and Letters of Credit to New Joint Venture with Lithium Americas
Vinson & Elkins is representing Lithium Americas Corp. in connection with its new investment agreement with General Motors Holdings LLC to establish a joint venture for the purpose of funding, developing, constructing, and operating (the “JV Transaction”) Thacker Pass in Humboldt County, Nevada (“Thacker Pass”).
The JV Transaction will deliver $625 million of cash and letters of credit from GM to Thacker Pass alongside the conditional commitment for a $2.3 billion U.S. Department of Energy loan announced earlier this year. It is the largest ever publicly announced investment by a U.S. original equipment manufacturer in a lithium carbonate project, highlighting the strategic importance of Thacker Pass in creating a domestic supply chain for critical minerals.
The Vinson & Elkins team was led by partner Robert Hughes, counsel Austin White, and associate Christina Wu. Other key team members include partners Eamon Nolan and Lauren Davies, senior associate Maria Borges, and associates Andrew Chang and Hoo Ray; partners David Peck, Sean Moran, Wendy Salinas, and Megan James, and associate Paige Melton.
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