08:32 AM EDT, 05/15/2024 (MT Newswires) -- Nouveau Monde Graphite ( NMG ) on Wednesday said it is advancing expansion of its Quebec battery-material plant, seeking financing for the project ahead of a final investment decision for the project.

The company said early site preparation for the second phase of its Becancour battery anode plant is underway, clearing trees on its property while engineering for the project continues. Nouveau Monde has off-take agreements for its output from General Motors (GM) and Panasonic Energy for what it calls "North America's first, fully integrated natural graphite production for the electric vehicle and battery market.".

"Our offtake agreements with global leaders Panasonic Energy and GM, accompanied by equity participation and further committed investments, provide a strong testament of NMG's alignment with our customers' vision for sustainability," board chair Arne Frandsen said in a release.

The company said it is also in negotiations with other tier-1 battery and electric-vehicle manufacturers for production from the project, which includes an expansion of its Matawinie graphite mine in the province as it seeks additional financing from export credit agencies, governments, strategic investors, and potential customers.

Nouveau Monde said it ended the first quarter with $88 million of cash on hand.

The company's shares closed unchanged at $2.83 Tuesday on the Toronto Stock Exchange.