On February 15, 2024, General Motors announced its US$150 million equity investment in Nouveau Monde Graphite, which investment will be made in two tranches. At the closing of tranche 1, General Motors made an initial US$25 million equity investment to support the advancement of the Matawinie Mine and the Bécancour Battery Material Plant. The completion of tranche 2, for an additional US$125 million equity investment, is conditional on a number of conditions precedent, including Nouveau Monde Graphite making a final investment decision in respect of the Matawinie Mine and the Bécancour Battery Material Plant.
At the closing of tranche 1, General Motors and Nouveau Monde Graphite entered into an offtake agreement which will provide General Motors with 18,000 tonnes per annum of refined graphite from the second phase of its Becancour plant for an initial term of six years.
General Motors is the largest automaker in the United States and the company designs, builds and sells automobile parts and accessories globally.
Nouveau Monde Graphite, based in Canada is mining company that is focused on creating a fully integrated source of carbon-neutral battery anode material in Quebec.
Osler, Hoskin & Harcourt LLP advised General Motors with a team consisting of Alan Hutchison, Patrick Sullivan, and Issa Ammari (Corporate), Jennifer Fairfax, Sarah Greenwood, Josy-Ann Therrien, Emilie Dillon (Litigation), Stefan Fews (Real Estate), Julien Ranger-Musiol, Gabrielle Cournoyer (Pension and Benefits), Chelsea Rubin (Competition and Antitrust) and Jean-Nicolas Delage (Emerging and High Growth Companies).