On February 28, 2024, Nouveau Monde Graphite Inc. (NMG) secured a substantial investment totaling $119 million (US$87.5 million), leveraging off-take agreements with Panasonic Energy and General Motors Holdings LLC (GM) to advance towards commercial operations. This move aims to establish NMG as North America’s first fully integrated producer of natural graphite active anode material. The investment, involving equity stakes by strategic partners including Mitsui & Co., Ltd and Pallinghurst Bond Limited, aligns with NMG's Phase-2 operational goals—primarily advancing the Matawinie Mine and the Bécancour Battery Material Plant.

The transaction was bolstered by multiyear off-take agreements with Panasonic Energy and GM, committing to a combined annual purchase of 36,000 tonnes of anode material, covering approximately 85% of NMG’s projected Phase-2 output. These agreements set a pricing formula linked to prevailing market prices, enhancing NMG's long-term financial stability.

Mitsui and Pallinghurst contributed to this financing round under terms consistent with prior investments. Mitsui subscribed for 12,500,000 common shares and an equal number of warrants, while Pallinghurst agreed to 6,250,000 common shares and warrants. Both investments are subject to regulatory approval and adherence to MI 61-101, which governs transactions involving minority shareholders.

Additionally, these strategic investments are poised to further expand upon final investment decisions, potentially increasing total funding to approximately US$275 million. BMO Capital Markets provided financial advisory services for these transactions.