US Lithium Startup Seeks More Than $1 Billion for Brine Project

A private US lithium startup backed by Stellantis NV and General Motors Co. is working with financial advisers to seek more than $1 billion for its project in California.

The funds are for a project from Controlled Thermal Resources Holdings Inc., known as CTR, in Imperial County near the Salton Sea area, according to people familiar with the matter. The region is home to geothermal brine deposits.

The financing plan is a bit of an anomaly in an industry that’s faced recent headwinds.

Price for lithium — the metal that’s a key ingredient for batteries used in electric vehicles ...