Ioneer, the company behind the Rhyolite Ridge lithium-boron mining project, has secured funding through the U.S. Department of Energy.
The $996 million loan has been secured through the federal Advanced Technology Vehicles Manufacturing program, and supports the construction of an on-site processing facility in Esmeralda County.
Officials say the investment should create hundreds of jobs in the area, support American manufacturers and help rebalance the global supply of lithium and boron. Currently, China and Turkey have a stronghold in lithium and boron processing.
The new loan amount is a $268 million increase in principal from the original January 2023 loan commitment.
Rhyolite Ridge should quadruple the U.S.' domestic lithium supply once the facility is online, producing enough to power around 370,000 electric vehicles per year.
According to a release, the Ioneer project is planning on limiting its carbon footprint by using steam power that will work independently of Nevada's energy grid. It also plans on recycling half of all water used in processing.
