24/7 Market News Snapshot 16 October, 2024 – Lithium Americas Corp. (NYSE:LAC)

October 16, 2024

DENVER, Colo., 16 October, 2024 (247marketnews.com) – (NYSE:LAC) are discussed in this article.
Lithium Americas Corp. (LAC) is experiencing significant momentum in the market, recently reflecting a substantial pre-market price of $3.26, which marks a remarkable 22.10% rise from the previous close of $2.67. With trading volume reaching 3.69 million shares, this surge captures strong investor interest and enthusiasm, aligning with the positive market sentiment surrounding the lithium sector. As the demand for lithium, pivotal for electric vehicle batteries and renewable energy storage, continues to grow, Lithium Americas is strategically positioned to capitalize on these opportunities.

In a recent development, the company announced a landmark partnership with General Motors Holdings LLC (GM), establishing a joint venture aimed at the development and operation of the Thacker Pass project. As part of this collaboration, GM will invest $625 million in return for a 38% stake in the venture. This agreement not only highlights GM’s commitment to advancing sustainable practices but also underscores Thacker Pass’s significance within the burgeoning electric vehicle battery market.

The newly formed joint venture replaces an earlier equity investment plan and includes a conditional commitment for a $2.3 billion loan from the U.S. Department of Energy, enhancing the financial foundation of the project. Notably, this partnership extends GM’s existing offtake agreement, allowing for the acquisition of up to 100% of lithium produced during the initial phase of Thacker Pass.

Jonathan Evans, President and CEO of Lithium Americas, remarked on the strategic collaboration, emphasizing its potential to unlock Thacker Pass’s capabilities in meeting the surging lithium demand for electric vehicles. As the project progresses through detailed engineering and procurement phases, it aims for a full notice to proceed by year-end, fostering job creation and supporting the transition to a sustainable energy future.

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