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U.S. automaker General Motors Co. and Japan’s Panasonic Holdings Corp. will buy electric-vehicle battery materials from Nouveau Monde Graphite Inc. and invest in the company, buoying the Quebec miner’s bid to become a go-to critical mineral supplier for North America.
GM and Panasonic have each committed to purchasing 18,000 metric tonnes of graphite for battery anodes annually, beginning when Nouveau Monde’s planned mining and refining facilities enter production, the company said in news releases Thursday. The offtake agreements will run for six to seven years, and they represent about 85 per cent of Nouveau Monde’s planned commercial production, which it is aiming to begin in 2027.
The industrial giants have also agreed to make equity investments in NMG-N, starting with a US$25-million stake each. GM has pledged another US$125-million once the miner makes a final decision to proceed with its plans, and Panasonic has pledged $150-million if the same condition is fulfilled. Panasonic has said it would potentially make this investment alongside co-investors.
Two of the miner’s existing backers, Japanese trading house Mitsui & Co. and European private equity investor Pallinghurst Group, also announced Thursday that they are injecting a combined US$37.5-million of additional funding into the company.
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