EV Engineering News

NMG receives $50 million investment for its graphite ore-to-battery-material operations in Canada

Integrated graphite battery anode developer Nouveau Monde Graphite has received a combined equity investment of $50 million from the Canadian government’s Canada Growth Fund and the Government of Québec via its agent Investissement Québec, to continue advancing its development toward commercial operations.

As the company prepares for a final investment decision regarding its Phase 2 Matawinie Mine and Bécancour Battery Material Plant, the investment will enable progress on detailed engineering and orders of key long-lead items, according to the company.

NMG’s integrated Phase 2 production of active anode material is designed to supply the North American battery and EV markets. The company expects to provide the results of an updated feasibility study during the first quarter of 2025.

“This investment will enable our team to make tangible advancements and place strategic orders in preparation for our project execution. We are committed to delivering high-performing and reliable active anode materials to the North American battery and electric vehicle  markets, contributing to a local, sustainable and reliable supply chain,” said Eric Desaulniers, founder and CEO of NMG.

Source: Nouveau Monde Graphite

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