Lithium Americas (LAC.TO, LAC) edged up in after-hours New York trading after the company Tuesday closed on a US$250 million investment from fund entities managed by Orion Resource Partners for the development and construction of Phase 1 of the Thacker Pass lithium project in Nevada.

At the same time, Lithium Americas and General Motors Holdings (GM), together as the Thacker Pass joint venture partners, announced a positive final investment decision (FID) for Thacker Pass Phase 1, with construction expected to be complete in late 2027.

The company said as part of closing the investment Orion has purchased senior unsecured convertible notes in the aggregate principal amount of US$195 million. It is also paying Lithium Americas US$25 million in exchange for payments corresponding to the minerals produced and gross revenue generated by Thacker Pass and committed an additional US$30 million in aggregate principal amount of senior unsecured convertible notes available through a delayed draw facility, subject to the satisfaction of certain conditions.

It said the investment satisfies all remaining requirements from both the U.S. Department of Energy and GM to satisfy all remaining equity capital fundraising requirements under the previously announced $2.26 billion loan from the DOE.

With the investment, Lithium Americas said it has achieved fully funded status for the development of Phase 1 of Thacker Pass at the project and corporate level for the duration of construction.

"Today marks another important milestone in our journey to bring Thacker Pass to production. With our JV Partner, GM, we announced FID for Phase 1 alongside our other exceptional partners -- the U.S. DOE and Orion. Together, we will develop a U.S.-produced lithium supply chain to reduce American dependence on foreign suppliers for critical minerals," chief executive Jonathan Evans said.

The company's shares were last seen up US$0.01 to US$2.77 after hours. They closed up $0.06 to $3.95 on the Toronto Stock Exchange.