GM, Stellantis-Backed Lithium Startup Seeks More Than $1 Billion for Brine Project
- Controlled Thermal Resources Holdings project is in California
- Industry has faced headwinds from declining metal prices
Hell's Kitchen Optimization Plant in Imperial County, California.
Source: Controlled Thermal ResourcesA private US lithium startup backed by Stellantis NV and General Motors Co. is working with financial advisers to seek more than $1 billion for its project in California.
The funds are for a project from Controlled Thermal Resources Holdings Inc., known as CTR, in Imperial County near the Salton Sea area, according to people familiar with the matter. The region is home to geothermal brine deposits.