The Canadian and Quebec governments announced $300 million in funding to General Motors and Posco Chemical for a battery materials facility in Quebec.
The joint-venture GM-Posco plant in Becancour will produce cathode active materials for General Motors’ Ultium batteries. The facility will be a central part of GM‘s supply chain, providing the region with around 200 jobs.
The plant will come online in 2025, and construction has already started at the site.
In terms of the funding breakdown, the Province of Quebec and the Canadian government will both invest around $150 million. The federal portion will come from the Strategic Innovation Fund.
Federal Minister Francois-Phillipe Champagne took to Twitter to post about the events surrounding the announcement.
Our gov is proud to team up with QC with a joint investment of $300M to support 🇨🇦’s first cathode active materials facility to be built by @GMcanada and POSCO FutureM in Bécancour, Quebec. With this important project, there will be a piece of Bécancour in every GM vehicle in NA. pic.twitter.com/OKqeTzOhCy
— François-Philippe Champagne (FPC) 🇨🇦 (@FP_Champagne) May 29, 2023
Per Quebec’s Minister of Economy, Innovation and Energy, Pierre Fitzgibbon, the province is not done announcing new EV-related projects:
Quebec’s battery sector is up and running. This is a historic investment by GM and POSCO. Thanks to its natural resources, talent and renewable energy, Quebec is attracting the giants of the electrification industry. We will be announcing additional transformative projects shortly. Quebec is where the world’s greenest batteries will be produced.
So one has to ask, who else is investing in Quebec, and will we see more major players open up in the newly announced EV corridor?