Eni announced a $70 million investment that will give the Italian energy major an 11.5 % equity stake in Canadian natural‑graphite producer Nouveau Monde Graphite. The deal is part of a $297 million capital raise that also includes a $84 million public offering and $335 million of senior project debt, which together will fund the Phase‑2 expansion of the Matawinie Mine and the construction of the Bécancour Battery Material Plant.
The investment secures a potential annual supply of up to 15,000 tonnes of graphite concentrate or equivalent anode material for Eni’s battery initiatives, including the Gigafactory in Brindisi, Italy, and the Enilive and Plenitude transition businesses. By owning a stake in a vertically integrated graphite operation, Eni can lock in a low‑carbon feedstock for its growing battery‑storage and electric‑vehicle supply chain.
The announcement was met with a negative market reaction as investors reacted to the 22 % discount at which new investors, including Eni, purchased the shares, leading to a sharp decline in the company’s market value.
Management said the partnership provides a secure, carbon‑neutral source of graphite that aligns with Eni’s transition strategy and supports the growth of its battery‑storage portfolio. Nouveau Monde’s CEO emphasized that the capital raise, combined with Canadian government support, positions the company to become North America’s largest graphite producer.
Analysts view the transaction as a positive step for Eni’s transition agenda, but caution that the discount to the share price may limit the immediate upside for the company’s shareholders. The deal also signals a broader trend of European energy majors seeking critical‑mineral supply chains outside of China, a move that could reshape the global battery‑material landscape.
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