Planning to Build Production Bases in Europe and Indonesia as Well
POSCO Chemical has sealed a contract with General Motors (GM) to establish Ultium CAM, a joint venture company for the cathode material business in North America.
The two companies will invest US$327 million to build a joint high-nickel cathode material plant with an annual capacity of 30,000 tons, an amount that can make batteries for about 220,000 electric vehicles, in Becancour, Quebec of Canada. Ground will be broken for the plant in August 2022. It will be completed in the second half of 2024. In the future, the two companies will expand its capacity in stages as GM's electric vehicle business expands.
POSCO Chemical president Min Kyung-joon and Doug Parks, GM vice president of global product development and purchasing, signed the agreement through a video conferencing system on May 27.
Meanwhile, POSCO Chemical will also set up POSCO Chemical Canada, a holding company, for the investment in North America.
POSCO Chemical plans to build overseas production bases in major electric vehicle markets, including Europe and Indonesia.