Battery
Eni locks in $70 million graphite play & takes stake in Canadian battery materials firm
The deal, first announced last April, underscores Eni’s drive to diversify its supply chains and deepen its presence in critical minerals
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By ICN Bureau | May 20, 2026
Eni has completed its equity investment in Nouveau Monde Graphite (NMG), a Canadian critical minerals company, marking a decisive push into the battery materials supply chain.
The Italian energy major confirmed it has subscribed to a US$70 million investment as part of a broader US$309.5 million capital raise involving private investors—including Eni, the Canada Growth Fund, and Investissement Québec—as well as public participation.
Following shareholder approval of the private placement and completion of the transaction earlier today, Eni now holds approximately 11.6% of NMG’s share capital and will have the right to appoint a representative to the company’s board.
The deal, first announced last April, underscores Eni’s drive to diversify its supply chains and deepen its presence in critical minerals. It also positions the company inside the graphite and advanced battery materials value chain through what it describes as a strategic partnership with a sector leader, leveraging its technological capabilities.
Through the agreement, Eni will also be able to negotiate supplies of graphite and active anode materials from NMG—an arrangement that directly supports its Gigafactory project aimed at producing stationary lithium batteries in the industrial area of Brindisi.
