Canada, Quebec to provide about C$300 mln for POSCO battery materials facility
OTTAWA, May 29 (Reuters) -Canada's federal government and the Quebec province will each provide about C$150 million ($112 million) for a General Motors-POSCO Chemical GM.N005490.KS battery materials facility that is expected create about 200 jobs in the country, the Canadian industry ministry said on Monday.
The U.S. carmaker and South Korea's POSCO outlined their plan last year to build the facility in Becancour, Quebec, to produce cathode active material (CAM) for electric vehicle (EV) batteries.
The companies aim to have the plant, described on Monday as a more than C$600-million project, running by 2025.
CAM includes components like processed nickel, lithium and other materials that make up about 40% of the cost of a battery, the industry ministry said in a statement.
Canada is home to a large mining sector for minerals including lithium, nickel and cobalt, and has been trying to woo companies involved in all levels of the EV supply chain via a multi-billion-dollar green technology fund as the world seeks to cut carbon emissions.
"This investment in GM-POSCO's new facility in Becancour will help further position Quebec as a key hub in Canada's growing EV supply chain," Industry Minister Francois-Philippe Champagne said.
The CAM produced at the plant will be used to make GM's Ultium batteries that will power the company's EVs, such as the Chevrolet Silverado EV, GMC HUMMER EV and Cadillac LYRIQ.
Reporting by Ismail Shakil in Ottawa
Editing by Nick Zieminski
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
