Published by Global Banking & Finance Review®
Posted on April 10, 2026
2 min readLast updated: April 10, 2026
Add as preferred source on GoogleEni will invest US $70 million in Canadian graphite producer Nouveau Monde Graphite as part of a US $297 million equity financing round, securing approx. 11.5% ownership, board representation, and potential supply agreements to advance its battery materials strategy.
MILAN, April 10 (Reuters) - Italy's Eni has agreed to acquire a minority stake in natural graphite producer Nouveau Monde Graphite for $70 million, giving it access to a critical material used in battery storage and other energy transition technologies.
The investment in the Canadian company will allow the Italian energy group to enter the critical minerals value chain at a time when European companies are seeking to reduce their dependence on materials sourced from China.
The transaction will also give Eni the option to negotiate exclusive supply agreements for graphite and other materials to support its gigafactory initiative to produce stationary lithium batteries in southern Italy.
The Italian group said the investment forms part of a $297 million capital increase at Nouveau Monde Graphite, alongside Canadian institutional investors Canada Growth Fund and Investissement Quebec, as well as a public equity raise.
Following completion of the transaction, Eni is expected to hold about 11.5% of Nouveau Monde Graphite's share capital and will gain a seat on the company's board.
Proceeds from the capital increase will support development of the Matawinie Mine, a high-quality natural graphite project, and the company's operations across the supply chain including refining at its Becancour Battery Material Plant.
The transaction is subject to approval by Nouveau Monde Graphite's shareholders at an annual meeting scheduled for the second half of May 2026.
(Reporting by Francesca Landini; Editing by Jan Harvey)
Eni has agreed to invest $70 million to acquire a minority stake in Nouveau Monde Graphite.
The investment gives Eni access to critical materials like graphite used in batteries and supports their energy transition technologies.
Eni is expected to hold about 11.5% of Nouveau Monde Graphite's share capital and gain a board seat.
Proceeds will support development of the Matawinie Mine and supply chain operations, including refining at the Becancour Battery Material Plant.
The transaction is subject to shareholder approval at an annual meeting scheduled for the second half of May 2026.
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