© Reuters. Reuters / Rebecca Cook /
(Reuters) – General Motors Corporation (NYSE) and South Korea Bosco (NYSE: Future M) said on Friday it will invest more to increase production at its battery chemical materials facility in Canada, bringing its total estimated investment in the plant to more than $1 billion.
The companies said the new investment includes an additional CAM and a pre-treatment facility for on-site local processing of critical minerals.
The development comes just days after the Canadian federal government and the province of Quebec provided about C$150 million ($112 million) for the facility.
The two companies last year established the Ultium CAM joint venture, which is mostly owned by POSCO Future M, and initially invested around $327 million, according to media reports.
Their battery facility in Picancourt, Quebec, will produce active cathode material (CAM) for electric vehicle (EV) batteries.