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Eni Invests $70 Million in NMG to Strengthen Graphite Supply Chain
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Key Takeaways
Eni will invest $70 million in Nouveau Monde Graphite for an 11.5% stake and a seat on the board.
E gains potential exclusive supply of graphite and active anode material for its gigafactory in Brindisi.
Eni will support the Matawinie mine and Becancour plant to produce battery-grade materials.
Eni S.p.A. (E - Free Report) announced an equity investment of $70 million in a Canadian company, Nouveau Monde Graphite Inc. (NMG - Free Report) . This is part of a larger $297 million fundraising initiative, involving investments from major Canadian institutional investors such as the Canada Growth Fund and Investissement Québec, alongside funds raised from the public.
Eni’s stake in NMG will be around 11.5%, accompanied by a seat on the board, upon completion of the transaction. Eni will also gain the opportunity to secure exclusive supply agreements for graphite and active anode material.
Final approval for the transaction is subject to NMG’s annual general meeting to be held in the second half of May 2026.
The investment aligns with Eni’s strategy to diversify supply chains, enabling entry into the critical minerals space through a partnership while leveraging its technological expertise. It will also secure supply for its Brindisi-based gigafactory in Italy, which focuses on stationary lithium-ion batteries.
Meanwhile, through this transaction, NMG will develop the Matawinie mine, which produces high-quality natural graphite, an important material used in lithium-ion batteries and other high-margin industrial segments. The raw graphite will then be processed and refined into battery-ready material at NMG’s Bécancour Battery Material Plantin Quebec.
E currently sports a Zacks Rank #1 (Strong Buy), while NMG has a Zacks Rank #3 (Hold).
Like Eni, Chevron and BP have a presence in upstream operations and are currently enjoying a favorable business environment as West Texas Intermediate crude prices are trading above $100 per barrel, which is significantly higher than the $61.05 per barrel recorded a year ago, per data from oilprice.com.
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Eni Invests $70 Million in NMG to Strengthen Graphite Supply Chain
Key Takeaways
Eni S.p.A. (E - Free Report) announced an equity investment of $70 million in a Canadian company, Nouveau Monde Graphite Inc. (NMG - Free Report) . This is part of a larger $297 million fundraising initiative, involving investments from major Canadian institutional investors such as the Canada Growth Fund and Investissement Québec, alongside funds raised from the public.
Eni’s stake in NMG will be around 11.5%, accompanied by a seat on the board, upon completion of the transaction. Eni will also gain the opportunity to secure exclusive supply agreements for graphite and active anode material.
Final approval for the transaction is subject to NMG’s annual general meeting to be held in the second half of May 2026.
The investment aligns with Eni’s strategy to diversify supply chains, enabling entry into the critical minerals space through a partnership while leveraging its technological expertise. It will also secure supply for its Brindisi-based gigafactory in Italy, which focuses on stationary lithium-ion batteries.
Meanwhile, through this transaction, NMG will develop the Matawinie mine, which produces high-quality natural graphite, an important material used in lithium-ion batteries and other high-margin industrial segments. The raw graphite will then be processed and refined into battery-ready material at NMG’s Bécancour Battery Material Plantin Quebec.
E currently sports a Zacks Rank #1 (Strong Buy), while NMG has a Zacks Rank #3 (Hold).
Some other top-ranked stocks in the energy sector are Chevron Corporation (CVX - Free Report) and BP plc (BP - Free Report) . CVX and BP each sport a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Like Eni, Chevron and BP have a presence in upstream operations and are currently enjoying a favorable business environment as West Texas Intermediate crude prices are trading above $100 per barrel, which is significantly higher than the $61.05 per barrel recorded a year ago, per data from oilprice.com.