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POSCO Chemical Co. and General Motors have expanded their joint venture partnership in North America and signed a new deal for processing cathode material at a plant in Quebec, Canada.
The South Korean chemical firm unveiled its new cathode joint venture with General Motors, and their main business is to supply key materials to GM's electric vehicle models. As per Yonhap News Agency, the JV agreement involves $400 million funding, and it will supply materials to Ultium Cells LLC Company that makes batteries for the Detroit, Michigan, headquartered carmaker's EVs.
POSCO Chemicals is a unit of the POSCO Group steelmaker giant, and it is investing in this joint venture with GM for the future of its raw material processing-related biz. The company may add more funds if needed and depending on GM's EV battery requirements for its cars and business.
"GM and our supplier partners are creating a new, more secure and more sustainable ecosystem for EVs, built on a foundation of North American resources, technology and manufacturing expertise," GM's executive vice president of global product development, purchasing and supply chain, Doug Parks, said in a press release. "Canada is playing an important role in our all-electric future, and we are grateful for the strong support we have received from local, provincial and national officials to grow a North American-focused EV value chain."
In any case, POSCO Chemical has plans of raising its annual cathode production capacity from 105,000 tons to 280,000 tons by the year 2025. It will further be increased to 420,000 tons in 2030 as the EV battery market is certainly growing fast as more carmakers are shifting to electric vehicle manufacturing.
"POSCO Chemical is set to expand battery material supplying capability across North America through establishing a cathode material plant in Canada," POSCO Chemical chief executive officer, Min Kyung Zoon, commented for its JV with GM. "We will lead the successful transition to the EV era by further strengthening the strategic partnership with GM and securing a production line with world-class technological competitiveness."
