Panasonic Energy Co., Ltd., a Panasonic Group Company,
today announced that it has signed a seven-year offtake agreement for the supply of natural graphite
with Nouveau Monde Graphite Inc. (“NMG”; Quebec, Canada), a manufacturer of anode active
material. In addition, Panasonic Energy announced plans to invest in NMG, starting with a payment of
USD 25 million. Separately, Mitsui & Co., Ltd. (“Mitsui”; Tokyo, Japan) plans to redeem and cancel its
existing convertible note and subscribe to NMG’s shares. Panasonic Energy subsequently plans to
invest an additional funding worth USD 150 million with co-investors, subject to a maximum ownership
threshold agreed between the relevant parties.
Panasonic Energy is expanding its EV battery production in North America, including by increasing its
use of locally sourced materials for a more sustainable supply chain, aiming to meet the growing global
demand for EVs. The company signed a memorandum of understanding (MOU) with NMG regarding
the offtake agreement in October 2022, and subsequently advanced technological development and
process optimization in line with Panasonic Energy’s specifications and quality standards for the
development of integrated graphite production in North America. As a result, the two companies have
now entered into a supply agreement.
Under a “mine-to-battery-material” model, NMG will produce natural graphite from its Matawinie Mine
in Quebec to produce anode active materials at its battery material plant in Bécancour, Quebec. This
vertically integrated model positions NMG as an ideal partner to support Panasonic Energy’s plan to
build a robust supply chain in North America. Canada is known for clean energy initiatives, including
Quebec’s use of renewable sources to generate 99% of the province’s electricity. NMG's carbonneutral graphite material will not only strengthen Panasonic Energy’s supply chain in North America,
but also support the company’s goal of reducing its carbon footprint to 50% of its 2022 level by 2031.
The governments of Japan and Canada deepened their bilateral partnership by signing a
memorandum of cooperation (MOC) regarding battery supply chains in September 2023. As one of
the outcomes, Panasonic Energy now hopes to support greater global adoption of EVs by providing
high-quality, high-capacity batteries that will extend the driving range of EVs in the North American
market, including the United States, which boasts the second-highest number of new car sales
worldwide.
Leveraging its advanced battery technologies and extensive expertise, Panasonic Energy is
committed to working with diverse partners to further the global lithium-ion battery industry, ultimately
to contribute to a more sustainable society.