DELTA – Mangrove Lithium has secured $35 million in strategic financing from a group of recognized investors to construct the first electrochemical lithium refining facility in North America.
Construction is already underway in the state-of-the-art facility that will produce battery-grade materials to power approximately 25,000 electric vehicles per year. The facility is expected to be operational by late 2025.
Mangrove Lithium is a technology company based out of Vancouver that has developed a patented electrochemical lithium refining technology for the conversion of lithium extracted from a variety of feedstocks into high-purity battery-grade lithium hydroxide and lithium carbonate.
Investors include Mitsubishi Corporation, Asahi Kasei Corporation (Asahi Kasei Corporate Venture Capital), InBC Investment Corp. (InBC), Orion Industrial Ventures, and Export Development Canada. Also joining the round were Mangrove’s existing investors, Breakthrough Energy Ventures, BMW i Ventures, and BDC Capital.
“Establishing North America’s first electrochemical lithium refining facility marks a key milestone in securing the continent’s battery supply chain,” says Mangrove Lithium CEO Saad Dara. “Our Delta plant will help meet the growing demand for battery-grade lithium while enhancing energy independence amid rising geopolitical uncertainties.
“We are also excited by the diverse syndicate financial investors, government funds, and strategic investors from mining and technology development that have joined Mangrove on this journey. This validates Mangrove’s technology, plan, and position as a market leader in this space.”
Mangrove’s facility will enhance the lithium supply chain and bolster regional energy security, as China is proposing an export ban on lithium processing technology.
“Lithium is essential to the energy transition, and Mangrove’s technology is a game-changer in diversifying the supply chain for battery-grade lithium with strong economics and minimal environmental impact,” says Jason Holt, Partner at Orion Industrial Ventures. “We are excited to support Saad and his team, leveraging Orion’s resources to establish Mangrove as a leader in lithium refining.”
Mangrove’s facility is built around cost-effective electrochemical process, which eliminates reagents and reduces waste.
“Mass adoption of electric vehicles is key to a clean energy future,” says Carmichael Roberts of Breakthrough Energy Ventures. “Mangrove’s innovation reduces the carbon footprint of lithium production while driving down costs, creating a more sustainable supply chain.”
Three of the investors are government-related.
BDC Capital is the investment arm of BDC (Business Development Bank of Canada), Canada’s federally funded bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses. InBC Investment Corp. (InBC) is an investment fund created by the Province of British Columbia (B.C.) with $500 million to invest in growing companies and venture funds to generate financial returns alongside economic, social or environmental impacts for B.C.
Mangrove’s technology offers the potential for low cost, highest purity lithium hydroxide and carbonate while reducing the carbon emissions associated with incumbent lithium refining technologies.
Mangrove is backed by investors and companies that include Microsoft founder Bill Gates’ Breakthrough Energy Ventures, along with BMW i Ventures and Mitsubishi Corporation.
Business Examiner Staff
