Nouveau Monde Graphite (TSX-V: NOU) (NYSE: NMG) inked on Thursday multi-year offtake agreements with General Motors (NYSE: GM) and Panasonic Holdings, with both companies also vowing to invest in the Canadian miner to help it produce high-quality graphite in North America.
GM and Panasonic have each committed to purchase 18,000 tonnes of natural graphite active anode material annually over a period of six to seven years, the Montreal-based miner said. They are also making equity investments of $25 million each in the company. The two firms and potential co-investors could join future rounds of financing worth hundreds of millions of dollars, Nouveau Monde Graphite (NGM) said in a statement.
NGM aims to raise $1.2 billion to build the whole project, with $725 million coming from debt and $475 million from equity. The miner aims to become North America’s first fully integrated source of natural graphite active anode material, which accounts for about half of an electric vehicle (EV) battery.
To achieve this goal, it is is developing the Matawinie project in Saint-Michel-des-Saints, Quebec, about 100 miles north of Montreal, where it also plans to build a graphite concentrator.
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