GM to invest $150 million in Canadian miner, agrees supply deal

Nouveau Monde Graphite

15/02/2024 14:24

Feb 15 (Reuters) - Canadian miner Nouveau Monde Graphite
 NOU.V  said on Thursday it has agreed to sign a multi-year
supply agreement with a unit of General Motors  GM.N  and would
receive $150 million in equity investment from the automaker.
    Under the agreement, the Canadian firm would 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 soared as companies
race to secure supplies of battery materials used in electric
vehicles amid a global push towards cleaner transportation and
fuel.
    In addition to the supply agreement, GM would invest $150
million in two tranches to advance construction of the second
phase of the miner's Matawinie Mine and Becancour battery
material plant.    
    NMG added it has signed another agreement with Panasonic
Energy, which combined with the deal with GM, covers about 85%
of NMG's planned production from the Becancour plant. 

 (Reporting by Roshia Sabu in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Roshia.Sabu@thomsonreuters.com;))