Eni invests $70 million in Canada’s Nouveau Monde Graphite

Canada

SAINT-MICHEL-DES-SAINTS, April 10, 2026 – Eni has agreed to invest USD 70 million in Canadian graphite mining and processing company Nouveau Monde Graphite (NMG) as part of a USD 297-million capital increase, the companies announced on Friday.

With the investment, Eni will gain an equity stake of around 11.5% in NMG and a seat on the board. Institutional investors Canada Growth Fund and Investissement Québec also participated in the capital increase with contributions of USD 82 million and USD 61 million.

The equity injection will fund the development of NMG’s Phase-2 Matawinie Mine, for which the company secured senior project debt for USD 335 million in March 2026. The mine is projected as the asset base for a vertically integrated mine-to-anode-material production chain together with NMG’s planned Bécancour Battery Material Plant, expected to reach FID in H2 2026.

As part of the deal, Eni signed a letter of intent to discuss the potential offtake of 15,000 tonnes per year of graphite concentrate from the Phase-2 Matawinie Mine or its equivalent in active anode material, which Eni would channel towards producing stationary lithium batteries at its Eni Gigafactory initiative in Brindisi, Italy.

The transaction remains subject to authorisation by NMG’s annual general meeting in May 2026.

Listed in New York and Toronto, NMG is developing an integrated graphite business centred on Québec, combining the Matawinie Mine with the Bécancour Battery Material Plant to supply graphite concentrate and active anode material for battery manufacturers.

Photo courtesy of Nouveau Monde Graphite