Lithium company Ioneer said Friday that it's secured a conditional commitment for a loan of up to $700 million from the Department of Energy as the U.S. seeks to develop new supply chains for materials that are critical to the energy transition.
Ioneer is developing the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada.
When fully operational, the site will produce enough lithium for 400,000 electric vehicles, the company said, while also producing boron.
Ioneer's loan from the Department of Energy hinges on several conditions, including that the company receives all of the necessary permits.
If approved, the loan, made under the Department of Energy's Advanced Technology Vehicles Manufacturing program, will be for Ioneer's on-site lithium processing facility.