POSCO Future M Selected as GM Excellent Partner... Awarded the 'Overdrive Prize'

POSCO Future M received the "Overdrive" award at GM's 31st Annual Supplier of the Year event held in San Antonio, Texas, USA. From the left in the photo are Sham Koonjur, GM Executive Vice President; Park Junyoung, Head of Overseas Marketing Group at POSCO Future M; Cha Chikyoo, Head of Ultium CAM Corporation; Prabjot Nanuja, GM Executive Vice President; and Anirban Kumar, GM Executive Vice President, posing for a commemorative photo. Photo by POSCO Future M

POSCO Future M has been selected as an excellent partner by General Motors (GM).

POSCO Future M announced on the 26th that it received the Overdrive Award at GM's '31st Supplier Of the Year' event held on the 22nd (local time) in San Antonio, Texas, USA.

The Overdrive Award is given annually by GM at the Supplier of the Year event to companies worldwide that demonstrate achievements in sustainability, innovation, and relationship enhancement.

POSCO Future M was highly evaluated for its cooperation in strengthening GM's stable supply chain of core battery materials, including establishing the cathode material joint venture 'Ultium CAM' with GM and signing large-scale supply contracts for cathode and anode materials.

ADVERTISEMENT Previously, in May last year, POSCO Future M became the first battery material company to jointly establish the joint venture Ultium CAM with GM, an automaker.

Ultium CAM plans to complete a cathode material production plant with an annual capacity of 30,000 tons in 2024 and supply approximately KRW 8 trillion worth of cathode materials to GM and LG Energy Solution's [373220] battery joint venture 'Ultium Cells' from 2025 to 2032.

In addition to supply through the joint venture, POSCO Future M plans to directly supply a total of KRW 13.7 trillion worth of cathode materials produced in Gwangyang to Ultium Cells from this year through 2025.

It will also produce and supply artificial graphite anode materials worth KRW 900 billion in Pohang from this year through 2028.

POSCO Future M stated, "We plan to actively promote the expansion of cathode material plants and the establishment of a precursor plant, an intermediate raw material, in North America with GM," adding, "In the future, the two companies will strengthen their cooperative relationship for stable material supply by signing additional supply contracts for cathode and anode materials."

This content was produced with the assistance of AI translation services.