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General Motors Company (NYSE: GM) Announces That It Will Invest In A U.S. Lithium Project

General Motors Company (NYSE: GM) is all set to invest in a lithium project based in California. If all falls in place, the project can become the country’s most significant project in this direction by 2024. With this project, the automobile giant will be able to develop its in-house source of battery metal, which is one of the major components of electronic four-wheelers and trucks. “This will supply a sizeable amount of our lithium needs,” said Tim Grewe, GM’s director of electrification strategy.

The company to invest a substantial undisclosed sum in the project

A source from the company confirmed that the Detroit-based General Motors Company is all set to invest in millions to help develop Controlled Thermal Resources (CTR) Ltd’s Hell’s Kitchen geothermal brine project. However, the source did not reveal the exact amount of investment that the company will make. It is speculated that the company will make a multimillion-dollar investment in the project. Geographically, located approximately 160 miles southeast of Los Angeles, the project site is near California’s Salton Sea. 

The project could be producing 60,000 tonnes of lithium

Sources from General Motors Company have gone on record and stated that once the corona virus pandemic travel restrictions are relaxed, a team of engineers and scientists from the automobile giant will visit the project site. It is estimated that the Controlled Thermal Resources (CTR) Ltd’s Hell’s Kitchen geothermal brine project could be producing about 60,000 tonnes of lithium. Sources share that this is good enough to make approximately six million Electric Vehicles (EVs) based on their design. By the end of the following year, the company is expected to obtain federal environmental permits for the ambitious project. 

Output could make CTR’s Hell’s Kitchen the nation’s largest producer of lithium

According to experts, if this project takes off as planned, Controlled Thermal Resources (CTR) Ltd’s Hell’s Kitchen geothermal brine project could become the largest lithium producer in the nation. The production unit could be producing two times the output that the Nevada project from Lithium Americas Corp is producing. 

As part of the project, super-hot lithium-rich brine from reservoirs running as deep as 8,000 feet underground will be extracted.

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