A&O Shearman Advises U.S. Department of Energy on $2.23 Billion Loan Restructuring for Thacker Pass Lithium Project

"A&O Shearman has advised the U.S. Department of Energy on the restructuring of a $2.23 billion loan for Lithium Americas' Thacker Pass project in Nevada, a key source of lithium for the U.S. battery market. The restructuring includes over $100 million in additional equity and grants the U.S. government 5% equity ownership through warrants. This move aims to enhance taxpayer protections and support U.S. energy security by promoting domestic lithium production. The Thacker Pass project is one of the largest lithium resources in the U.S. and is crucial for the lithium-ion battery market."

**Press Release Summary** A&O Shearman advised the U.S. Department of Energy (DOE) in the restructuring of its USD 2.23 billion loan supporting Lithium Americas’ (LAC) Thacker Pass project. The transaction involved the provision of over USD 100 million in incremental equity, granting the U.S. government 5% equity ownership through LAC warrants, as well as an additional 5% ownership in the joint venture between LAC and General Motors for the project's development. This restructured loan aims to enhance taxpayer protections while promoting the onshoring of critical minerals to support U.S. energy security and industrial policy goals. The Thacker Pass project is recognized as one of the largest lithium resources in the United States, expected to significantly contribute to domestic lithium production for the lithium-ion battery market. A&O Shearman also provided advisory services for the DOE's initial loan supporting the Thacker Pass development in 2024. The legal team from A&O Shearman involved in this transaction includes: - **Paul Epstein** - Partner, New York - **Jason Pratt** - Partner, New York - **Sara Coelho** - Partner, New York - **Kara Altman** - Counsel, Washington DC - **Joseph Badtke-Berkow** - Associate, New York - **Alex Becker** - Associate, New York - **Bilyana Marion** - Associate, New York - **Kaja Niewiarowska** - Associate, New York

A&O Shearman Advises U.S. Department of Energy on $2.23 Billion Loan Restructuring for Thacker Pass Lithium Project

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