Clean Technology Canada

GM to invest $150M in Cdn. Nouveau Monde Graphite

February 15, 2024
By Canadian Manufacturing

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On Feb. 15, Canadian mining company Nouveau Monde Graphite, announces that it has agreed to a multi-year supply agreement with a unit of General Motors, and will receive $150 million in equity investment from the automaker.

Panasonic Energy and GM concurrently commit to multiyear offtake agreements for NMG’s active anode material, covering approximately 85% of NMG’s planned Phase-2 fully integrated production, from ore to battery materials.

Under the agreement, the mining company will provide 18,000 tonnes per annum of refined graphite from the second phase of its Becancour plant to GM for an initial term of six years, once it reaches full production.

The popularity of graphite anodes has risen due to their use in the EV manufacturing. With the Cdn. government focused on building out the electric vehicle supply chain, graphite and lithium operations across Canada have seen increased investments from global auto players.

In addition to the supply agreement, GM will invest $150 million in two streams to advance construction of the second phase of the Nouveau Monde’s Matawinie Mine and Becancour battery material plant.

Strategic partner Mitsui and long-time investor Pallinghurst inject a total of US$37.5 million into NMG’s development, the aggregate proceeds of which will be used to repurchase their previously announced convertible notes.

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