Nouveau Monde Graphite Shares Jump on EV Deals for Offtake Supply, Investments with General Motors, Panasonic
By Sabela Ojea
Shares of Nouveau Monde Graphite jumped Thursday after the company entered into separate offtake agreements with Panasonic Energy, General Motors and others to support the North American electric vehicles ecosystem.
At 12:40 p.m., shares were up 25% at $2.60. The stock has, however, dropped 52% in the past 12 months.
The Canada-based developer of graphite-based materials said the agreements include an offtake deal for Canadian graphite with General Motors, which also will provide a $150 million investment, and an initial $25 million investment from Panasonic Energy, a wholly owned subsidiary of Panasonic Holdings.
The company also has secured a total investment of $87.5 million from anchor customers and strategic investors to boost its phase 2 ore-to-battery material graphite operations.
The investment it will receive from Panasonic Energy is aimed at supporting the phase-2 operations at the Matawinie mine and the Bécancour battery material plant.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 15, 2024 12:56 ET (17:56 GMT)
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