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[Alpha Biz=(Chicago) Reporter Kim Jisun] POSCO Future M and U.S. automaker General Motors (GM) have decided to provide about 300 billion won in incentives to their electric vehicle battery anode material production plant in Quebec, Canada.
The Canadian Federal Government and Quebec State Government announced on the 29th that they will provide large-scale funding for the project to build a bipolar material plant of 'Ultium CAM', a joint venture between POSCO Future M and GM.
POSCO Future M and GM established a joint venture in July last year and invested about $ 633 million to build a cathode material production plant in Becanqua, Quebec, Canada. It is the first cathode material factory in Canada. The plant, scheduled to be completed in the second half of 2024, will produce 30,000 tons of high-nickel anode materials annually in the future. It can supply 220,000 electric vehicles.
Through incentives from the Canadian federal and state governments, POSCO Future M and GM will raise a significant amount of their investment resources with government support. The total amount of support is 300 million Canadian dollars (about 290 billion won). The federal government will provide about 147 million Canadian dollars and the state will provide about 152 million Canadian dollars, respectively.
"The construction of a production plant, which is the goal of completion in the second half of 2024, has also gained further momentum, and we will be able to establish a stable supply chain of core materials for batteries and establish a foundation for business growth to target the North American electric vehicle market, which is expected to grow rapidly," POSCO Future M said.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
