EcoPro BM expands spending to increase battery cathode production capacity
629.4 billion won in Korea and Canada
EcoPro BM said on Wednesday that it plans to spend 629.4 billion won in total in South Korea and Canada to expand its battery cathode production capacity.
It will spend 473.2 billion won at its Pohang facility and another 156.2 billion on EcoCAM Canada, its subsidiary in the North American country.
At Pohang, EcoPro BM will spend the funds to build two new factories, CAM8 and CAM9, which will go live in 2024.
These facilities will manufacture high-nickel cathodes: NCM (nickel, cobalt and manganese) and NCMX. NCMX will consist of over 90% nickel and also have additives, which are likely aluminum.
EcoCAM Canada is planning to build a cathode factory in the US with SK On and Ford, which will start production in 2025.
EcoPro BM is also building a cathode factory in Hungary which will start production in 2025 as well.
Through these investments and others, EcoPro BM’s annual cathode production capacity will increase from the current 190,000 metric tonnes to 280,000 metric tonnes next year.
EcoPro BM’s annual spending this year on its overall facilities will now be 1.4 trillion won, double the 720 billion won it spend last year.