General Motors and POSCO Future M Welcome Québec and Canada Government Support For Bécancour CAM Project to Develop the EV Battery Supply Chain in North America

General Motors Co. (NYSE: GM) and POSCO Future M today welcomed the announcements by Québec Premier François Legault and federal Minister of Innovation, Science and Industry François-Philippe Champagne of financial support for development of a Cathode Active Material (CAM) processing facility. The Ultium CAM facility is a joint venture between GM and POSCO Future M, located in Bécancour, Québec. 

The project was first announced in March 2022 to supply General Motors’ fast expanding battery production in North America. The JV project investment of more than C$600 million is under construction and on schedule to begin CAM production in the first half of 2025, creating approximately 200 direct full-time jobs. Government support, Bécancour’s excellent industrial site and the ability to access Québec’s low carbon hydro-electricity for EV critical mineral processing were all important factors in selecting the Québec plant location. 

CAM is a key battery material representing about 40 per cent of the cost of a battery cell.  GM is executing plans to install 1 million units of annual EV capacity in North America in 2025 and grow from there. GM has also announced four U.S. battery cell joint venture plants with one already open and two under construction. The Ultium CAM joint venture project will support production of electric Chevrolet, Cadillac, GMC, Buick and BrightDrop vehicles in North America.

“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,” said GM Canada President and Managing Director Marissa West. “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.”   

“Our investment in Bécancour-based CAM production is an important step in building a more secure and resilient North America-focused supply chain to support GM’s fast-growing EV production needs and this site offers room to grow for the JV and its partners in the future,” said Sham Kunjur, GM’s executive director for EV Raw Materials’ Center of Excellence. “GM started by establishing battery cell production in the U.S. From there, we have been working through the entire battery supply chain, all the way to raw material recovery. We’re building higher levels of vertical integration, driving expanded investment and helping create jobs across North America.”

Ultium CAM JV President C.G Cha said, “Our project has stayed on schedule thanks to our excellent local construction and engineering partners. We will soon begin our hiring and training of permanent employees for our operations which will begin in 2025"

Today’s milestone announcement is the latest in a series of actions GM has taken to build a more secure EV supply chain.

QUOTES:

The Honourable François Legault, Premier of Québec, said:

“I am very proud that GM and POSCO Future M will be setting up a manufacturing plant in Bécancour. This is the first milestone in our Energy Transition Valley (VTÉ) project. In addition to establishing an outstanding anchor point for our battery sector, this move signals that Québec is innovating in the green economy. I am convinced that with the innovation and production carried out here, we will be helping to reduce GHG emissions not only in Québec, but around the world.”

The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, said:

“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. This investment in the GM POSCO facility in Bécancour will help further position Québec as a key hub in Canada’s growing EV supply chain. This investment is good for the environment and the economy, and it will ensure well-paying jobs for years to come.”

The Honourable Pierre Fitzgibbon, Québec’s Minister of Economy, Innovation and Energy, said:

“Québec’s battery sector is up and running. This is a historic investment by GM and POSCO. Thanks to its natural resources, talent and renewable energy, Québec is attracting the giants of the electrification industry. We will be announcing additional transformative projects shortly. Québec is where the world’s greenest batteries will be produced.”

General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which will power everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.

POSCO Future M is a global advanced materials company dedicated to battery for future mobility. It is producing high-capacity Ni-rich cathode materials and low-expansion anode materials for EV batteries, and has a set of technologies such as NCM, NCMA and NCA cathode, silicon anode and materials for solid-state battery. POSCO Group is building a strong value chain across battery business from raw materials to battery recycling. Detailed information can be found on its website (https://www.poscofuturem.com/).

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