Panasonic Energy and GM signed multiyear, binding offtake agreements for 18,000 metric tons per year (mt/y) of graphite. The two offtake agreements account for 85% of NMG’s planned Phase-2 graphite production. NMG has set its sights on becoming the first fully integrated, carbon-neutral natural graphite active anode material producer of its kind in North America.

“In our journey to position NMG as the North American leader of responsible mining and advanced manufacturing, we had been looking for top-tier EV and battery manufacturers to bolster our commercial vision,” said Eric Desaulniers, founder, president, and CEO of NMG. “Thanks to visionary customers and investors, we are now moving toward establishing a fully local and traceable value chain. From the Matawinie ore, to the Bécancour active anode material, to our clients’ U.S. battery factories, we are pioneering a resilient supply chain for the EV market.”

NMG’s anchor customers, directly or through an affiliate, together with potential co-investors, intend to participate in future funding of approximately $275 million, subject to certain closing conditions.