Ioneer Receive $700 Million Loan From the Department of Energy for EV Battery Research

RENO, Nev. (775 Times, NV Globe) – Ioneer Rhyolite Ridge has received a grant from the U.S. Department of Energy for up to $700 million to create a local supply of lithium carbonate for EV batteries.

The material would be mined in Esmeralda County by Ioneer. The financing would pay for the annual processing of 370,000 electric cars’ worth of lithium carbonate on-site.

This would prevent the release of 1.29 million tons of carbon dioxide annually and cut gasoline usage by about 145 million gallons, according to the Department of Energy. Up to 900 jobs might possibly be generated by the project.

One of only two sizable lithium-boron deposits in the world, Rhyolite Ridge is anticipated to be the second such site in the United States.

The project has already experienced opposition over an endangered type of plant known as the Tiehm’s Buckwheat which thrives in that region.

Credits: KOLO TV