Nouveau Monde has a graphite mine project in Saint-Michel-des-Saints, Quebec, about 100 miles north of Montreal, and plans to build a concentrator nearby. The shares surged 8.7% in early afternoon trading to C$1.99 in Toronto.
The new money will be used to engineer a refining facility for the production of active anode material, which accounts for about half of an electric vehicle battery. The plant will be built in Becancour, Quebec, where General Motors Co. and Korean firms are already constructing EV battery-component plants.
Nouveau Monde has yet to finish a feasibility study and expects to reach a final investment decision in the first half of next year.
“This is one of the most advanced projects in graphite in North America,” Patrick Charbonneau, chief executive officer of the Canada Growth Fund, said in an interview. The fund has “the ability to absorb risk that the private sector might not be…
