POSCO Chemical, a global materials firm, has announced a binding supply agreement with GM for high-nickel cathode active material (CAM). POSCO will provide 13,770 billion Korean won (about $10 billion) worth of CAM from 2023 to 2025.
POSCO plans to produce the CAM at its Gwayngyang facility in Korea. The GM and LG Energy Solution joint venture Ultium Cells will then use the CAM to produce battery cells at plants in Warren, Ohio, Spring Hill, Tennessee and Lansing, Michigan.
“GM has contractually secured all battery raw material to support its goal of 1 million units of EV capacity in North American by the end of 2025,” says POSCO Chemical. “This includes lithium, nickel, cobalt and full CAM supply.”
Source: POSCO Chemical