Mangrove Lithium Secures $35 Million for North America’s First Electrochemical Lithium Refining Facility

Mangrove Lithium Secures Financing for North America’s First Electrochemical Lithium Refining Facility

Mangrove Lithium, an innovative lithium conversion company based in Canada, has successfully closed a financing deal worth $35 million to commence construction of a pioneering lithium refining plant in Delta, British Columbia. This cutting-edge facility, which is already under construction and expected to be operational by late 2025, is set to produce enough battery-grade materials to power around 25,000 electric vehicles (EVs) annually.

The establishment of this facility comes at a crucial moment, particularly in light of China’s proposed export ban on lithium processing technology. As the first electrochemical lithium refining facility in North America, this plant aims to significantly improve the lithium supply chain and enhance regional energy security.

“Establishing North America’s first electrochemical lithium refining facility marks a key milestone in securing the continent’s battery supply chain,” stated Saad Dara, CEO of Mangrove Lithium. “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 of financial investors, government funds, and strategic partners from the mining and technology sectors that have joined us on this journey. This support validates Mangrove’s technology, strategy, and position as a market leader in this field.”

Investors in the project include Mitsubishi Corporation, Asahi Kasei Corporation, InBC Investment Corp. (InBC), Orion Industrial Ventures, and Export Development Canada. Existing investors such as Breakthrough Energy Ventures, BMW i Ventures, and BDC Capital have also participated in this funding round.

“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,” commented Jason Holt, a 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 centered around its revolutionary electrochemical process, which is both cost-effective and environmentally sustainable. By eliminating harmful reagents and minimizing waste, the company significantly reduces production costs and the carbon footprint associated with battery-grade lithium.

“Mass adoption of electric vehicles is key to a clean energy future,” remarked 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.”

The platform developed by Mangrove offers unique flexibility, allowing for the production of both lithium hydroxide and lithium carbonate within a single system. This adaptability enables customers to respond to changing market demands driven by shifts in battery chemistry preferences.

“Sustainable critical minerals are essential to the global energy transition, and the growing demand for lithium isn’t slowing down, given its reliance in electric vehicles, energy storage, and electronics,” stated Leah Nguyen, chief investment officer of InBC. “We are proud to back Mangrove Lithium’s scale-up in British Columbia, fostering innovation and growth in clean energy and representing B.C.’s climate leadership.”

For more information about this project, click here.