Canada invests in GM-POSCO to strengthen EV battery supply chain
by CM staff
The GM-POSCO investment represents a return of General Motors Canada to Quebec, following the closure of its assembly plant in Sainte-Thérèse in 2002.
BÉCANCOUR — Canada will support the first cathode active materials (CAM) facility to be operational in Canada, to be built by a joint venture between General Motors (GM) and POSCO Future M in Bécancour, Quebec.
CAM are key battery materials that consist of components like processed nickel, lithium and other materials that make up about 40 per cent of the cost of a battery. The federal government is investing through the Strategic Innovation Fund’s Net Zero Accelerator initiative to support GM-POSCO’s more than $600-million project.
The GM-POSCO joint venture, called Ultium CAM, will create around 200 jobs and strengthen Canada’s electric vehicle (EV) ecosystem.
“Canada has everything it needs to be a global leader in battery manufacturing: access to global markets, a highly talented workforce, clean energy, world-leading innovation and all the critical mineral resources necessary to make batteries,” said François-Philippe Champagne, Minister of Innovation, Science and Industry. “This investment in GM-POSCO’s new facility in Bécancour will help further position Quebec as a key hub in Canada’s growing EV supply chain. This investment is good for the environment and for the economy, and it will ensure well-paying jobs for years to come.”
