The Trump administration may like to call the energy transition the “green new scam,” but it does not stop it from seeking important interests in what it promises to be the largest lithium mine in the Western Hemisphere.
In exchange for renegotiation of the repayment period for the $2.26 billion Department of Energy loan, the Trump administration is seeking 10% capital from Lithium Americas, where GM is a major investor.
Reuters first reported the news on Tuesday. “President Trump supports the project, and he hopes it will be successful and fair to taxpayers,” a White House official told the news organization. “But there’s nothing like free money.”
The move will be the latest in a series of negotiations that have given the US government an interest in Intel and MP materials.
Lithium America is developing a soccer pass mine in Nevada. The first stage produces enough lithium to make 800,000 electric vehicles a year. President Trump approved the project’s permission at the end of his first term, and the loan was awarded by the DOE’s Loan Program Office under President Biden.
Last year, GM purchased a 38% stake in Lithium Americas for $625 million. This gave the car manufacturer the right to purchase the entire first phase of production and the 20 years of the second phase. In total, 1.6 million EVs will be sufficient over the next 20 years.
The Trump administration reportedly asks GM to ensure they buy them, even if it works to stop carmakers from moving to EVs.
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