08:43 AM EDT, 05/15/2025 (MT Newswires) -- Nouveau Monde Graphite ( NMG ) on Thursday said it is advancing Phase 2 commercial plans for its active anode material project.

Work is progressing on project financing, engineering, procurement and construction preparation, the company said.

Nouveau Monde is developing a fully integrated ore-to-battery-material source of graphite-based active anode material in Quebec, which comprises the Matawinie Mine and the Becancour Battery Material Plant. The company released an updated feasibility study on phase 2 of the project last March.

To date, the company says it has received cumulative expressions of $1.6 billion in funding. It may also be able to secure $450 million through the refundable Canadian Investment Tax Credit for Clean Technology Manufacturing.

"Our business model, rooted in the clean energy transition, strives to capitalize on Western economies' growing appetite for critical minerals, local and ESG-compliant supply chains, as well as reshoring manufacturing capacity," said Arne Frandsen, company chair. "Our commercial agreements with Panasonic Energy and General Motors along with strong interest from strategic lenders and institutional investors strengthen our plans to develop a responsible and carbon-neutral source of active anode material, positioning NMG as a sustainable and innovative supplier for long-term growth."