US Offers Record $2.26 Billion Loan for Nevada Lithium Plant (4)

The Biden administration is offering a $2.26 billion loan to help Lithium Americas Corp. develop a Nevada lithium deposit that’s the country’s largest.

The conditional loan from the US Department of Energy will provide the vast majority of the capital needed to fund the first phase of development, the Vancouver-based company said in a statement Thursday, confirming an earlier Bloomberg News report. Shares of Lithium Americas jumped 28% in New York trading and 18% in Toronto as of 9:32 a.m.

The size of the investment in a company that’s little-known outside the industry underscores the urgency the Biden administration feels ...