Eni S.p.A. Acquires 11.6% Stake in Nouveau Monde Graphite Inc. via $70 Million Private Placement

On May 18, 2026, Eni S.p.A. and its wholly owned subsidiary, Eni International B.V., filed a Schedule 13D disclosing a new 11.6% stake in Nouveau Monde Graphite Inc. (NMG). The acquisition involved the purchase of 38,043,478 common shares via a private placement on May 15, 2026, for an aggregate price of approximately $70 million. The investment aligns with Eni's strategy to diversify its supply chain and enter the critical minerals sector, specifically for graphite and active anode materials. As part of the transaction, Eni entered into several agreements, including an Investor Rights Agreement that grants Eni the right to designate one board nominee (or two if ownership reaches 20%) and provides certain pre-emptive and top-up rights. The agreement also includes a one-year lock-up period ending May 15, 2027, and a two-year standstill obligation. Eni intends to evaluate its investment regularly and may engage with NMG management regarding business strategy and board composition.