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GM, Posco Future M to boost investment at Canada battery materials plant

Tan KW
Publish date: Fri, 02 Jun 2023, 10:30 PM
Tan KW
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BENGALURU General Motors Co and South Korea's Posco Future M said on Friday (June 2) they will invest more to boost production at their chemical battery materials facility in Canada, taking their estimated total investment in the plant to over US$1 billion .

The companies said the new investment includes an additional CAM and a precursor facility for local on-site processing of critical minerals.

The development comes a few days after the Canada's federal government and the Quebec province each provided about C$150 million for the facility.

The companies last year established Ultium CAM joint venture, which is majority owned by Posco Future M, and had initially invested about US$327 million, according to media reports.

Their battery facility in Becancour, Quebec, will produce cathode active material (CAM) for electric vehicle (EV) batteries.


  - Reuters


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