Panasonic Energy and General Motors have each entered into purchase agreements with Canadian battery materials company Nouveau Monde Graphite (NMG). Panasonic Energy’s seven-year agreement, which stems from an October 2022 memorandum of understanding, covers the annual supply of 18,000 metric tons of active anode material. Similarly, General Motors has signed a purchase agreement with NMG for the annual supply of 18,000 tons of the same material over a six-year period.
Complete production process in Québec
NMG will extract natural graphite from its Matawinie mine in Quebec for the production of anode material at its planned Bécancour facility, following a “Mine-to-Battery-Material” model. The terms of the contracts will commence once the Bécancour plant is in production for which no specific date has been announced yet.
Panasonic and GM invest in NMG
In addition to the offtake agreement, Panasonic Energy has committed to a 25-million US dollar investment in NMG and plans to spend an additional $150 million with co-investors. GM has also committed to a $25 million investment in NMG.
Sources:
https://nmg.com/binding-offtake-panasonic/
https://nmg.com/binding-offtake-gm
