- GM and POSCO Future M are partnering to build a cathode active materials (CAM) facility in Quebec.
- Named “Ultium CAM,” the project will receive partial funding from the Canadian government through its Strategic Innovation Fund’s Net Zero Accelerator initiative.
- The project is estimated at $600 million, and it should bring in an additional 200 jobs.
In an announcement on May 29, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, joined forces with Québec Premier François Legault and Pierre Fitzgibbon, Québec’s Minister of Economy, Innovation, and Energy. They revealed their support for a new cutting-edge facility in Bécancour, Québec, that will be a joint venture between General Motors (GM) and POSCO Future M. This GM-POSCO partnership will allow for the facility to produce cathode active materials (CAM).
What Is CAM?
A quick definition: Cathode active materials are usually composed of metal oxides that offer various levels of energy density, thermal stability, and cost-effectiveness. CAM, which includes processed nickel, lithium, and other components, accounts for 40% of a battery’s cost.
How the GM-POSCO Partnership Will Help Canada
This collaboration has been dubbed “Ultium CAM.” The Canadian federal government will contribute funding through the Strategic Innovation Fund’s Net Zero Accelerator initiative, bolstering this ambitious $600 million project. It’s expected to generate around 200 jobs, further strengthening Canada’s EV ecosystem and economy.
Since early 2022, the Canadian government has been attracting significant investments in battery material processing and cell manufacturing. These investments not only propel Canada’s transition to a net-zero economy but also cultivate highly skilled employment opportunities nationwide.
That ripple effect extends to the automotive sector, fostering growth and positioning Canada as a prominent global player in the EV supply chain. By embracing innovative partnerships like GM-POSCO’s Ultium CAM, Canada paves the way for a sustainable future while reaping the economic rewards of this thriving industry.
Marissa West, General Motors Canada President and Managing Director, had this to share: “We thank Premier Legault and Ministers Pierre Fitzgibbon and François-Philippe Champagne for their tremendous leadership in supporting our efforts to build a secure, sustainable, scalable and cost competitive EV supply chain to support our fast-growing electric vehicle production across North America. We at GM Canada are particularly proud to be back in Québec growing investments and jobs in alignment with the province’s vision for the future of transportation.”
“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,” Champagne said. “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.”
FTC: We use income-earning auto affiliate links. Learn more.