GM and POSCO invest $400 million in Canadian cathode factory

GM und Posco investieren 400 Millionen Dollar in kanadische Kathoden-Fabrik

We have known since December last year that General Motors is collaborating with the South Korean company Posco Chemical to build a new cathode factory. Now new details have become known: the new facility will be built in Baconcore, Quebec (Canada). An investment of about US$400 million is expected for this, and the new factory is expected to be commissioned in 2025.

The new facility will produce the active cathode material (CAM) for GM’s Altium batteries that will power electric vehicles such as the Chevrolet Silverado EV, GMC Hummer EV and Cadillac Lyrica. The companies previously announced plans to form a joint venture in December 2021, in which Posco Chemical holds a majority stake. According to the press release, construction of the new facility will begin immediately and will create around 200 jobs. In addition, the factory should enable further expansion opportunities, as GM says it is pursuing other potential EV supply chain projects.

“GM and our supplier partners are building a new, safer and more sustainable electric vehicle ecosystem built on North American resources, technology and manufacturing expertise.”, says Doug Parks, GM’s executive vice president, global product development, purchasing and supply chain. and further: “Canada plays an important role in our all-electric future. We are grateful for the strong support we have received from local and national authorities in building a North American focused EV value chain.”

“Potential to make one million electric cars”

The Quebec site will process CAM, a major battery material made from components such as processed nickel, lithium and other materials – these make up about 40 percent of battery cells. “We will lead the successful transition to the electric car era by further strengthening the strategic partnership with GM and ensuring the production line is with world-class technological competitiveness.” Min Kyung-joon, CEO of Posco Chemical explains.

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GM plans to build 1 million electric vehicles in North America by the end of 2025. In addition, the company aims to ensure that most of its value-added components are sustainably sourced, processed or manufactured in North America.

To this end, a number of measures have been announced to create a new and safer electric vehicle supply chain, including projects targeting key materials and components for electric vehicles, such as Controlled Thermal Resources (CTR) from California, Lithium along the mining specialty value chain. Rare Earth, Alloy Flakes Alloy Flakes from MP Materials with VAC’s premier North American processing site, the largest permanent magnet manufacturer in the Western Hemisphere. VAC will establish a facility in North America in 2024 to meet GM’s magnet needs, which include local sourcing of raw materials and production of finished magnets.

For Baconcore, this is already the second cathode material factory to be announced within a very short period of time: BASF recently announced that it also intends to build such a factory in Baconcore. Mainly because the location has good logistics and a secure energy supply with regional hydropower.

Source: General Motors, BASF

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