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POSCO FUTURE M wins GM Overdrive Award
2023.03.26
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POSCO FUTURE M won the Overdrive Award at GM's 31st annual Supplier Of the Year event held in San Antonio, Texas, US. From the left: GM executive director Sham Kunjur, POSCO FUTURE M overseas marketing group leader Park Joon-young, Ultium Cam corporate head Cha Chi-gyu, GM executive director Prabjot Nanua, and GM managing director Anirvan Coomer.
- The decision was based on recognition of the strong partnership between the two companies and POSCO FUTURE M's dedication to the localization of cathodes in North America
POSCO FUTURE M has been selected as an excellent partner of GM on the strength of its solid partnership by helping GM establish a stable global supply chain.
On the 22nd (local time), POSCO FUTURE M received the Overdrive Award at GM's 31st annual Supplier Of the Year event, held in San Antonio, Texas, US.
The Overdrive Award is an award given by GM to a company that has shown outstanding results in sustainability, innovation, and relationship enhancement among its suppliers around the world at its annual “Supplier of the Year” event.
POSCO FUTURE M earned high marks for its cooperation in strengthening GM's battery core materials supply chain to achieve increased stability, through such efforts as founding Ultium CAM, cathode joint venture with GM, and signing large-scale cathode and anode supply agreements.
GM vice president Jeff Morrison, who oversees purchasing, said, "Although this year, too, has been a difficult year for us, we are delighted to have been able to select an excellent supplier in the automotive industry. POSCO FUTURE M has exemplified overcoming numerous obstacles and showing determination."
In May 2022, POSCO FUTURE M co-founded Ultium with GM, becoming the first company in the battery materials industry to establish a joint venture with an automobile company. I ts cathode production plant with an annual capacity of 30,000 tons scheduled to be completed in 2024, POSCO FUTURE M plans to supply Ultium Cells — a battery joint venture between GM and LG Energy Solutions — with cathodes worth 8.389 trillion KRW from 2025 to 2032.
In addition to its plan to supply cathodes through its joint venture, POSCO FUTURE M also plans to directly supply Ultium Cells with cathodes produced at the Gwangyang plant, worth 13,769.6 billion KRW in total, from this year to 2025, as well as to supply 939.3 billion KRW worth of artificial graphite anode at the Pohang plant from this year to 2028.
As of now, with the aim of strengthening their supply chains in each region such as the U.S. and Europe, POSCO FUTURE M, and GM are planning to actively push for building more cathode plants in North America together with a new production plant for precursors, an intermediate raw material for making batteries. H aving signed an additional supply agreement for cathodes and anodes and so on, they expect that their cooperative relationship for stable material supply will become even tighter going forward.