Bécancour, Quebec
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, François Legault, Premier of Quebec, and Pierre Fitzgibbon, Quebec's Minister of Economy, Innovation and Energy, announced support for the first cathode active materials (CAM) facility to be operational in Canada, to be built by a joint venture between General Motors (GM) and POSCO Future M in Bécancour, Quebec.
CAM are key battery materials that consist of components like processed nickel, lithium and other materials that make up about 40% of the cost of a battery. The federal government is investing through the Strategic Innovation Fund's Net Zero Accelerator initiative to support GM-POSCO's more than $600-million project.
The GM-POSCO joint venture, called Ultium CAM, will create around 200 jobs and strengthen Canada's electric vehicle (EV) ecosystem and economy for years to come.
Since early 2022, the government has attracted large anchor investments in battery material processing and cell manufacturing. These investments are not only supporting Canada's shift to a net-zero economy but also creating highly skilled jobs across the country, promoting growth in the automotive sector and positioning Canada as a global EV supply chain leader.
