Salem Radio Network News Tuesday, October 3, 2023


GM, POSCO Future M to boost investment at Canada battery materials plant

(Reuters) – General Motors Co and South Korea’s POSCO Future M said on Friday they will invest more to boost production at their chemical battery materials facility in Canada, taking their estimated total investment in the plant to over $1 billion.

The companies said the new investment includes an additional CAM and a precursor facility for local on-site processing of critical minerals.

The development comes a few days after the Canada’s federal government and the Quebec province each provided about C$150 million ($112 million) for the facility.

The companies last year established Ultium CAM joint venture, which is majority owned by POSCO Future M, and had initially invested about $327 million, according to media reports.

Their battery facility in Becancour, Quebec, will produce cathode active material (CAM) for electric vehicle (EV) batteries.

(Reporting by Priyamvada C in Bengaluru; Editing by Shinjini Ganguli)


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