POSCO and GM to Expand EV Battery Supply Chain in North America

Cleary Gottlieb represented POSCO Future M (POSCO) in connection with the second phase expansion of its Ultium CAM joint venture with General Motors (GM), an approximate $1 billion investment to increase the joint venture’s production capacity of cathode active material (CAM) and integrate precursor materials production in Quebec, Canada.

The parties entered into a number of amended and restated operating and commercial agreements relating to the Phase 2 transaction on June 2, 2023. Cleary represented POSCO in connection with the formation of Ultium CAM joint venture in July 2022.

POSCO is a South Korean chemical company that produces battery materials, advanced chemical materials, and other basic industrial materials.

GM is an American multinational automotive manufacturing company headquartered in Detroit, Michigan.