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GM battery materials investment in Quebec to top $1 billion

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General Motors and South Korea's Posco Future M said they will invest more to expand the production capacity at their chemical battery materials facility in Canada, taking their estimated total investment in the plant to over US$1 billion.

The companies said on June 2 the new investment in their Ultium CAM plant, expected to start operating in 2025, will be used to set up additional facilities for local on-site processing of critical minerals used in electric vehicle batteries.

It will produce cathode active material for EV batteries. CAM includes components such as processed nickel, lithium and other materials that make up about 40 per cent of the cost of a battery. Cathodes are also the most complex and costly chemical component of an electric vehicle battery.

 

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