ajunews Thursday,7 December 2023

POSCO Chemical secure new contract from GM to supply cathode materials for high-nickel batteries

By Lim Chang-won Posted : July 28, 2022, 16:18 Updated : November 6, 2023, 17:51

[Courtesy of POSCO Chemical]

SEOUL -- POSCO Chemical secured a new three-year contract worth 13.7 trillion ($10.5 billion) from General Motors to supply cathode materials for high-nickel batteries to GM's joint venture with LG Energy Solution, a major battery maker in South Korea. 

Cathode materials produced at POSCO Chemical's domestic plant in the southern industrial port city of Gwangyang will be shipped from 2023 to the GM-LG joint venture, Ultium Cells. 

POSCO Chemical and GM have agreed to build a joint venture plant in Quebec, Canada, to produce high-nickel cathode active materials. Under an eight-year contract worth more than eight trillion won, high-nickel cathode active materials produced at the Quebec site will be supplied from 2025 to Ultium Cells. 

Cathode materials that consist of components such as nickel and lithium determine the capacity and voltage of batteries. POSCO Chemical would increase production in North America in response to GM's future demand.

POSCO Chemical has revealed an aggressive strategy to build a mass-production base abroad and become a global player in the battery material market. At a session with investors on July 5, POSCO Holdings revealed a goal to produce 610,000 tons of cathode materials, 320,000 tons of anode materials, 300,000 tons of lithium and 22,000 tons of nickel annually by 2030.

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