Lithium Americas (NYSE:LAC) +6.1% post-market Monday after saying it closed a $2.26B loan from the U.S. Department of Energy for financing the construction of the Thacker Pass processing facilities in Nevada.

The closing of the DoE Loan follows receipt of a conditional commitment in March; over the past several months, the DoE confirmed the company satisfied all technical, legal and financial conditions to close the loan.

Thacker Pass Phase 1 is targeted to produce an initial 40K metric tons/year of battery-quality lithium carbonate, the company said, as it plans to make a final investment decision and issue full notice to proceed by the end of this year.

Last week, the Biden administration permitted a similar lithium project under development in Nevada by Ioneer.

Lithium Americas (LAC) said the DoE loan will be supplemented by the recently announced agreement with General Motors to establish a joint venture to fund, develop, construct and operate Thacker Pass; GM will acquire a 38% asset-level ownership stake in Thacker Pass for $625M in total cash and letters of credit.