Posco Future M invests in Canada-based EV cathode material plant
The investment is directed toward the construction of the plant, facility enhancements and phased expansion
Posco Future M has announced its decision to invest 489.4 billion won ($342 million) into Ultium Chem, a joint venture with General Motors located in Quebec, Canada, aimed at producing cathode materials for electric vehicles (EVs). This investment will be channeled through Posco Future Materials, a wholly-owned subsidiary in Canada, for the construction of a high-nickel cathode material plant. The plant is expected to have an annual capacity of 30,000 tons, sufficient to supply around 300,000 electric vehicles, with completion anticipated by May this year.
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