POSCO Chemical Win 14 Tln Deal for EV Cathode Materials with General Motors
NSP NEWS, By hYUNJIN KIM Journali
END7, Read 0(Seoul=NSP News Agency) hYUNJIN KIM Journalist = POSCO Chemical won an additional deal for EV’s main component, cathode materials with an American Vehicle company, General Motors.
On July 28, the Korean company announced it would supply 13.7696 trillion won worth of cathode materials to GM.
The additional contract stated that POSCO Chemical supplies high-nickel cathodes to Ultium Cells LLC, a joint venture company between GM and LG Energy Solution, for three years, from 2023 to 2025.
Last May, the company concluded a contract with Ultium Cells to supply 8.0389 trillion won (raw material expenses as of 2021) worth of cathode materials from its annual 30000 tonnes production capacity plant, Gwangyang plant, to Ultium CAM, a Canadian joint venture between GM and itself for eight years from 2025. With the additional deal, the total cathode materials are to be supplied to GM worth more than 21.8 trillion won.
On July 28, the Korean company announced it would supply 13.7696 trillion won worth of cathode materials to GM.
The additional contract stated that POSCO Chemical supplies high-nickel cathodes to Ultium Cells LLC, a joint venture company between GM and LG Energy Solution, for three years, from 2023 to 2025.
Last May, the company concluded a contract with Ultium Cells to supply 8.0389 trillion won (raw material expenses as of 2021) worth of cathode materials from its annual 30000 tonnes production capacity plant, Gwangyang plant, to Ultium CAM, a Canadian joint venture between GM and itself for eight years from 2025. With the additional deal, the total cathode materials are to be supplied to GM worth more than 21.8 trillion won.
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POSCO Chemicals will produce cathode materials 90000 tonnes a year, operating the Gwangyang plant (annual production capacity 60000 tonnes) and Canada plant (30000 tonnes).
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