SK On, Ford, EcoPro BM to establish cathode plant in Quebec, Canada

24 August 2023, 03:36:35

SK On announced it will establish a cathode manufacturing facility in Canada with global major automaker Ford Motor and cathode producer EcoPro BM as they joined a move to strengthen a value chain covering from key battery materials to electric vehicles (EVs). Cathode is a core material determining the performance of an EV battery.

The three companies announced that the cathode plant will be built on the 278,000 square-meter site in Bécancour, Quebec, after investing a total of C$1.2 billion. Under the deal, EcoPro CAM Canada, established by EcoPro BM in February, will manufacture cathode active materials, and SK On and Ford will become its shareholders once the deal, which is subject to regulatory approvals, is closed.

The federal government of Canada and the provincial government of Quebec welcomed the investment to the cathode production joint venture and promised financial assistance of C$644 million. They expressed expectations on job creation and growth of eco-friendly business, while hoping that the facility can play a key role in the battery supply chain.

The announcement came at an event held at a hotel in Bécancour where SK On Chief Commercial Officer Min-suk Sung, Ford Vice President of EV Industrialization Lisa Drake, EcoPro BM CEO Jai-hwan Joo and other 150 guests attended. Canadian Minister of Innovation, Science and Industry François-Philippe Champagne, Quebec Premier François Legault and South Korean Ambassador to Canada Lim Woong-soon represented the governments of Canada and South Korea.

The cathode JV will have an annual production capacity of 45,000 metric tons and is expected to be operational in the first half of 2026. The three companies have been closely working together to establish the cathode plant after signing a letter of intent(LOI) in July 2022.

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