I have heard that they have applied for DOE $$'s of between $300m and $500m - Now that's not $2B but if you add to that by pulling in a JV partner and a bit of debt funding. then you could be in the ball park.
Many projects have timelines that start phases way out into the future this is to allow a runway of profits to self fund the next phase. I think PLL has planned somewhat this way as well, albeit their phase II is scheduled to occur prior to the their phase I.
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