Energy giant Eni invests $70 million to secure battery material supplies
Energy giant Eni invests $70 million to secure battery material supplies
On April 10, 2026, Italian energy giant Eni announced a major $70 million investment in Nouveau Monde Graphite (NMG).
This strategic move aims to help Eni secure essential battery materials for its growing clean energy projects.
By acquiring an 11.5% stake in the Canadian company, Eni is working to verticalize its supply chain and reduce its dependence on Asian markets.
The funding will support the development of the Matawinie Mine and the expansion of the Bécancour Battery Material Plant in Quebec.
Furthermore, the deal allows Eni to negotiate exclusive offtake agreements for graphite, securing approximately 15,000 tonnes annually.
This material is vital for Eni's planned "gigafactory" in Brindisi, Italy, which will produce lithium iron phosphate batteries for stationary energy storage.
By joining forces with institutional investors like the Canada Growth Fund, Eni is positioning itself as a key player in the critical minerals segment.
As Eni transitions from traditional oil and gas to sustainable solutions, this investment serves as a cornerstone of its commitment to building a resilient, domestic European energy future.
