Nouveau Monde Graphite Gets $50 Million to Fund Mine Project [BNN Bloomberg (Canada)]
General Motors Company (GM)
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Source: BNN Bloomberg
The equity investment comes as many companies in the battery supply chain are struggling to raise cash. The Quebec government and the Canada Growth Fund, a C$15 billion ($10.5 billion) fund handled by the federal government's civil-service pension manager, and are each putting in $25 million. Nouveau Monde has a graphite mine project in Saint-Michel-des-Saints, Quebec, about 100 miles north of Montreal, and plans to build a concentrator nearby. The shares surged 8.7% in early afternoon trading to C$1.99 in Toronto. The new money will be used to engineer a refining facility for the production of active anode material, which accounts for about half of an electric vehicle battery. The plant will be built in Becancour, Quebec, where General Motors Co. and Korean firms are already constructing EV battery-component plants. Nouveau Monde has yet to finish a feasibility study and expects to reach a final investment decision in the first half of next year. “This is one of the most adv
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