Posco Chemical Secures $10.6B Cathode Order to Supply Ultium Cells
YOUNGSTOWN, Ohio – Korea-based Posco Chemical Co. says it has secured $10.6 billion worth of cathode orders from General Motors to supply Ultium Cells LLC beginning next year through 2025, according to a report from Korea Economic Daily.
Ultium, a joint venture between GM and Korea-based LG Energy Solution, plans to begin production at its $2.3 billion Lordstown battery cell manufacturing plant in August.
Cathodes are positive electrodes used in lithium-ion battery cells and account for 40% of the cost for electric-vehicle battery production. Posco Chemical’s plant in Gwangyang, South Jeolla Province will manufacture the cathodes for Ultium, the news outlet said.
In March, GM and Posco announced they would construct a $400 million cathode plant in Quebec to serve Ultium’s North American EV market.
Published by The Business Journal, Youngstown, Ohio.