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Eni Invests $70 Million in Nouveau Monde Graphite; Shares Up Pre-Bell

Eni (E) said Friday it has invested $70 million in Nouveau Monde Graphite (NMG).The Canada Growth Fund and Investissement Quebec have also invested in the company as part of a total capital increase of $297 million, according to Eni.Upon the deal's completion, Eni expects to hold a roughly 12% stake in Nouveau Monde and have a board seat, it said.Eni shares were up 2% in premarket activity.

-- Eni (E) said Friday it has invested $70 million in Nouveau Monde Graphite (NMG).

The Canada Growth Fund and Investissement Quebec have also invested in the company as part of a total capital increase of $297 million, according to Eni.

Upon the deal's completion, Eni expects to hold a roughly 12% stake in Nouveau Monde and have a board seat, it said.

Eni shares were up 2% in premarket activity.