What Positive Materials Inc. does

Positive Materials Inc. is a privately held Canadian corporation headquartered in Vancouver, British Columbia, exclusively focused on developing Project Positive+ — a large-scale precursor cathode active material (pCAM) production facility planned for the Port of Belledune, New Brunswick. The company's core product is pCAM: fine crystalline transition metal hydroxide powders (primarily nickel, cobalt, manganese, and aluminum chemistries) that serve as the precursor to cathode active material in lithium-ion batteries and represent approximately 51% of total battery cell value. pCAM is produced via an aqueous dissolution and crystallization process using technology licensed from Kansai Catalyst Co. Ltd., a Japanese pCAM producer selected in January 2025 after Positive Materials evaluated fourteen providers and visited ten plants.

The company's product portfolio targets ternary chemistries including NCM, NCA, and NCMA, as well as high-voltage mid-nickel and lithium-rich manganese cathode formulations designed for safety, energy density, and charging speed. Under a tolling — or "pCAM as a Service" — business model, customers purchase their own battery raw materials and Positive Materials processes them into pCAM for a negotiated conversion fee, charging under multi-year contracts. This cost-plus structure insulates Positive Materials from raw materials price volatility and targets stable, recurring revenue. Go-to-market is direct enterprise field sales to a narrow set of 2-3 major North American battery and automotive supply chain customers, with the Port of Belledune's year-round deep water port enabling maritime distribution to U.S. and European markets.

The company is in pre-production development with Phase 1 (30,000 tonnes per annum) targeted for mid-2029 and Phase 2 (120,000 tonnes per annum) targeted for approximately 2032. Ownership is founder/management-led with CEO Marco Romero, alongside a 10% non-dilutable participating stake granted collectively to the Ugpi'Ganjig First Nation (Eel River Bar First Nation) and the Pabineau First Nation (Oinpepegitjoig L'Noeigati First Nation) under an October 2024 Business Partnership Framework Agreement. No venture, private equity, or institutional funding rounds have been disclosed.

Name

Positive Materials Inc.

Legal name

Positive Materials Inc.

Website

https://posmat.ca

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Positive Materials Inc. is a Canadian company developing Project Positive+, a planned precursor cathode active materials (pCAM) production facility in Belledune, New Brunswick, using licensed Kansai Catalyst technology and a tolling model to serve North American and European battery manufacturers.

Ownership category

akta.pro rank

Product category

Battery Materials Manufacturing

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

Keywords

• Precursor cathode materials
• Battery materials manufacturing
• Cathode active materials
• Lithium-ion battery supply
• PCAM toll processing

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales

Revenue model

1. pCAM Toll Processing Services: The primary revenue stream is a tolling model where customers purchase battery raw materials (critical minerals), which Positive Materials processes into pCAM, charging a fee for the conversion service. This is a cost-plus tolling model. The approach limits exposure to raw materials price volatility and enables stable revenues and cash flow.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Positive Materials Inc. develops and will manufacture precursor cathode active materials (pCAM) — fine crystalline transition metal hydroxide powders (Nickel, Cobalt, Manganese, Aluminum) — that are the precursor for cathodes in lithium-ion batteries. Under a tolling (pCAM as a Service) model, the company will process customer-purchased battery raw materials into pCAM for a conversion fee, using licensed Kansai Catalyst pCAM manufacturing technology at its planned Belledune, New Brunswick facility.

Product overview

Positive Materials Inc. is a Canadian company exclusively focused on producing high-quality Precursor Cathode Active Materials (pCAM) — their core product — to support North America's EV battery supply chain. Their principal initiative is Project Positive+, a planned pCAM production facility in Belledune, New Brunswick. The company operates a tolling business model, processing battery raw materials purchased by customers and converting them into pCAM for a fee. Their product portfolio targets energy dense ternary pCAM products including NCM, NCA, and NCMA formulations, including high-voltage mid-nickel and lithium-rich manganese cathodes.

Differentiator

Problem solved

Functional benefit

Brands

• Project Positive+: A business initiative to plan, design and build a large-scale, state-of-the-art precursor cathode active materials (pCAM) production facility in Belledune, New Brunswick, Canada. A partnership between Positive Materials Inc. and local First Nations communities.

Products and services

• Precursor Cathode Active Materials (pCAM) High-quality precursor cathode active materials (pCAM) — fine crystalline powders composed of electrochemically active transition metal hydroxides such as Nickel, Cobalt, Manganese, and Aluminum. pCAM is the precursor material for cathodes in lithium-ion batteries, representing approximately 51% of total battery cell value. Sold under a tolling model where Positive Materials processes customer-purchased raw materials into pCAM for a fee. Targeting energy dense ternary pCAM products including NCM, NCA, and NCMA formulations, plus high-voltage mid-nickel and lithium-rich manganese cathodes.

Quantifiable outcome

• North American pCAM deficit of 1.01 million tonnes by 2035
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• ElectraminorStrategic or Co-development Partner · 25 November 2025Electra signed an agreement with Positive Materials (described as a North American pCAM Company) on November 25, 2025. The announcement was made on Electra's website. Details of the agreement are limited but indicates Electra is a prospective pCAM customer.
• Kansai Catalyst Co. Ltd.coreTechnology or Integration · 1 January 2025Kansai Catalyst Co. Ltd., a respected Japanese pCAM producer, was selected as Positive Materials' technology partner in January 2025 following a rigorous selection process (14 providers evaluated, 10 plants visited, 3 shortlisted). Kansai agreed to share its pCAM manufacturing technology, recipes, and knowhow with Positive Materials, and to assist in the design and planning of the Project Positive+ plant. Kansai will also provide R&D capabilities, pilot plant access, and operator training programs. On February 3, 2025, this partnership was publicly announced as Kansai Catalyst as pCAM Technology Partner.
• Ugpi'Ganjig First Nation (Eel River Bar First Nation)coreStrategic or Co-development Partner · 1 August 2023In August 2023, Positive Materials entered into a precedent-setting tripartite Cooperation Agreement with the Ugpi'Ganjig First Nation (also known as Eel River Bar First Nation) and the Pabineau First Nation to evaluate project feasibility and work toward environmental, social, and economic excellence. In October 2024, the three parties entered into a Business Partnership Framework Agreement including a collective 10% non-dilutable participating stake in Project Positive+ shared by both First Nations. Impacts and Benefits Agreement expected to follow.
• Pabineau First Nation (Oinpegitjoig L'Noeigati First Nation)coreStrategic or Co-development Partner · 1 August 2023In August 2023, Positive Materials entered into a precedent-setting tripartite Cooperation Agreement with the Pabineau First Nation (also known as Oinpegitjoig L'Noeigati First Nation) and the Ugpi'Ganjig First Nation to evaluate project feasibility. In October 2024, the Business Partnership Framework Agreement was signed granting both First Nations a collective 10% non-dilutable participating stake in Project Positive+. Impacts and Benefits Agreement expected to follow.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• LG Chem: Korean chemicals and battery-materials major with vertically integrated cathode precursor and cathode active material production. It is a broad incumbent with pCAM/CAM capabilities that could compete with Positive Materials for North American and European battery customers.
• BASF: Global chemicals incumbent with a sizeable battery materials (cathode active materials and precursors) business via its Catalysts division. Comparable as a broad-based pCAM/CAM incumbent with deeper resources and broader product portfolio than Positive Materials.

Direct peers

• Nichia Corporation: Japanese cathode-active and precursor materials producer supplying battery cell manufacturers; comparable to Positive Materials on NCM/NCA chemistry coverage and customer overlap with major East Asian cell-makers.
• Tanaka Chemical: Japanese specialty chemical manufacturer producing cathode precursor materials (pCAM) for automotive and consumer lithium-ion batteries, directly comparable to Positive Materials on product type (transition metal hydroxide pCAM).
• Umicore: Belgian materials group with one of the largest global pCAM and CAM businesses for NMC/NCA cathode chemistries, directly competing for the same nickel/cobalt/manganese-based cathode precursor customers that Positive Materials is targeting.
• Sumitomo Metal Mining: Japanese integrated pCAM/CAM producer and parent of Kansai Catalyst (Positive Materials' technology licensor). It is the closest direct peer, sharing pCAM process know-how, end-market exposure to NCA/NMC cathodes, and overlapping customer set with major battery and automotive OEMs.
• POSCO Future M: Korean pCAM/CAM producer with large-scale manufacturing of NCM precursors for major global cell-makers. It is a direct competitor in nickel-based pCAM and is also expanding ex-Asia capacity that may compete with Positive Materials' North American and European customers.

Others

• Targray: Canadian-headquartered specialist distributor and supplier of battery raw materials and cathode precursors across North America. Comparable as a North American-focused battery-materials intermediary serving many of the same downstream cell-maker customers.
• Electra Battery Materials: Canadian critical-minerals processor (cobalt sulfate, nickel sulfate) with downstream ambitions into cathode materials. Directly comparable as a Canadian battery-materials counterpart and as an announced counterparty/customer of Positive Materials.

Emerging players

• Nano One Materials: Canadian cathode-active materials developer using a one-pot process targeting NMC, LFP and high-voltage chemistries. Comparable as another Canada-headquartered emerging player attempting to build a domestic, lower-carbon battery materials supply chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/positive-materials-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Positive Materials Inc.