Nouveau Monde Graphite (NMG) has secured a USD $50 million equity investment from the Canada Growth Fund (CGF) and the Government of Québec, through Investissement Québec (IQ). The funding, subject to regulatory approvals, will help advance NMG’s Phase-2 Matawinie Mine and Bécancour Battery Material Plant toward commercial operations.
The investment aims to support detailed engineering, key procurement, and critical-path activities as NMG moves closer to a final investment decision (FID) in early 2025.
Eric Desaulniers, Founder, President, and CEO of NMG, emphasized the importance of the funding: “This investment by the Canada Growth Fund and the Government of Québec will enable our team to make tangible advancements and place strategic orders in preparation for our project execution.” He highlighted NMG’s role in building a local and sustainable supply chain for North America’s battery and electric vehicle markets.
Patrick Charbonneau, President and CEO of CGF Investment Management, underscored the strategic importance of securing critical minerals: “CGF is pleased to invest in NMG and looks forward to supporting the creation of the largest fully integrated natural graphite production facility in North America.”
Under the deal, NMG will issue 39.7 million common shares at USD $1.26 per share. Each share will include a warrant for additional shares, exercisable at USD $2.38 for five years after FID, aligning terms with prior investments from GM, Panasonic, and Mitsui.
The investment signals strong institutional backing, with proceeds earmarked for advancing engineering, procurement of equipment, and financing costs. NMG continues to engage with Indigenous partners, customers, and financial stakeholders as it prepares for project execution.