The federal government announced new funding to support Canada’s first cathode materials facility, which will be built thanks to a joint venture between General Motors and POSCO Future M in Bécancour, Qué.
Cathode active materials, also known as CAM, are the key battery materials that include components like processed nickel, lithium, and others that make up approximately 40 per cent of the cost of a battery. The GM-POSCO project, called Ultium CAM, will help strengthen Canada’s electric vehicle ecosystem and should create around 200 jobs.
“This investment in GM-POSCO’s new facility in Bécancour will help further position Quebec as a key hub in Canada’s growing EV supply chain. This investment is good for the environment and for the economy, and it will ensure well-paying jobs for years to come,” said François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, in a statement.
Champagne made the announcement on May 29 with Québec’s Premier François Legault and Pierre Fitzgibbon, Québec’s Minister of Economy, Innovation and Energy. The GM-POSCO project is worth more than $600 million.
“Thanks to its natural resources, talent and renewable energy, Québec is attracting the giants of the electrification industry,” said Fitzgibbon in a statement. “We will be announcing additional transformative projects shortly.”
The money being provided by the federal government will be pulled from the Strategic Innovation Fund’s Net Zero Accelerator initiative.