Ioneer closed a $996 million loan from the Energy Department for its facility at its Rhyolite Ridge lithium-boron project in Esmeralda County, Nev.

The Reno, Nev.-based lithium-boron producer said it expects the financing to develop on-site processing at the facility. Once operational, Rhyolite Ridge is expected to quadruple U.S. domestic lithium supply and power about 379,000 electric vehicles a year.

The loan, which is due in 20 years, has a $968 million principal and $28 million in capitalized interest. It is a $268 million increase in loan principal from a conditional loan commitment made in 2023.

Construction is targeted in 2025, with first production scheduled for 2028, Ioneer said.

Write to Katherine Hamilton at [email protected]