POSCO Future M-GM Joint Venture Secures 290 Billion KRW in Canadian Government Funding

Canadian Federal and Quebec Provincial Governments,
Announce Support for Building Battery Core Material Supply Chain

POSCO Future M and GM's cathode material joint venture, Ultium CAM, will receive investment incentives worth approximately 290 billion KRW from Canada.

On the 29th (local time), the Canadian federal government and the Quebec provincial government announced that they would provide substantial funding for Ultium CAM's cathode material plant construction project. The plan is to support Ultium CAM, which is building Canada's first cathode material plant, to strengthen the battery core material supply chain and foster eco-friendly industries such as electric vehicles.

According to foreign media, the support amount for Ultium CAM is about 300 million Canadian dollars (approximately 290 billion KRW). At the event, government officials explained that the federal government will provide about 147 million Canadian dollars (approximately 144 billion KRW) from the Strategic Innovation Fund, and the provincial government will provide 152 million Canadian dollars (approximately 148.1 billion KRW) respectively.

Minister Champagne of Innovation, Science and Economic Development Canada visited the construction site of the Ultium CAM anode material factory in Becancour, Quebec on the 29th (local time) to announce investment support.
[Photo by POSCO Future M]

The announcement was made during a visit to Ultium CAM's cathode material plant construction site by Quebec Premier Fran?ois Legault, Canadian Minister of Innovation, Science and Economic Development Fran?ois-Philippe Champagne, POSCO Future M's Head of Planning Support Division Yoon Deok-il, and GM Canada President Marissa West.

POSCO Future M and GM established the joint venture in July 2022 and are investing about 633 million USD (approximately 790 billion KRW) to build a cathode material production plant with an annual capacity of 30,000 tons in Becancour, Quebec, Canada.

Through this incentive support, POSCO Future M and GM will secure a significant portion of the investment funds through government support. The construction of the production plant, targeted for completion in the second half of 2024, will gain further momentum, enabling the establishment of a battery core material supply chain to target the North American electric vehicle market and solidify the foundation for business growth.

UltiumCam's CEO Cha Chi-gyu is giving a greeting at the investment support announcement event by the Canadian federal and Quebec provincial governments on the 29th (local time in Canada).
[Photo by POSCO Future M]

Head Yoon stated, "Building a stable battery material supply chain in North America and advancing the eco-friendly mobility industry is a shared goal of POSCO Future M, GM, and Canada," adding, "We appreciate the large-scale investment support from the federal and provincial governments and will cooperate more closely to strengthen the supply chain and create jobs."

Premier Fran?ois Legault said, "The construction of POSCO Future M and GM's cathode material plant will be a very proud milestone for building Quebec's energy transition valley and battery supply chain," and added, "The joint venture's cathode material business and innovation will become an indicator of Quebec's green economic transformation and contribute to global greenhouse gas reduction."

Minister Champagne stated, "Canada has everything needed to become a global leader in the battery sector, including global market accessibility, excellent talent, clean energy, and mineral resources," and added, "This investment will establish Quebec as a key hub in Canada's electric vehicle supply chain and help the environment, economy, and the creation of good jobs."