POSCO Chemical to invest $633 million in battery materials plant

South Korea’s materials maker POSCO Chemical said on Friday it prepares to invest in a $633 million battery cathode materials plant in Canada with American automaker General Motors.

POSCO Chemical said in a regulatory filing that it prepares to invest $278 million through September 2024 on the joint venture plant with General Motors.

In December, the two companies announced their plans to create a joint venture in North America.

Last year, the companies had also said that the location of the facility will create hundreds of jobs when it opens in 2024.