Mangrove Lithium, a lithium conversion company based in Canada, announced the closing of $35 million in financing to begin construction of a lithium refining plant in Delta, British Columbia. This milestone also follows the successful closing of a $35 million strategic investment round with participation from new investors such as Mitsubishi Corporation, Asahi Kasei Corporation, InBC Investment Corp. (InBC), Orion Industrial Ventures, and Export Development Canada. Mangrove’s existing investors, Breakthrough Energy Ventures, BMW i Ventures, and BDC Capital also joined the round.
This facility — with construction already underway and slated to be operational by late 2025 — will produce sufficient battery-grade materials to power approximately 25,000 electric vehicles (EVs) each year. And Mangrove’s facility is critical amidst China’s proposed export ban on lithium processing technology. And as North America’s first electrochemical lithium refining facility, the plant will significantly enhance the lithium supply chain and bolster regional energy security.
Mangrove’s facility is built around an electrochemical process, which is cost-effective and environmentally sustainable. By eliminating harmful reagents and reducing waste, the company significantly cuts production costs and the carbon footprint of battery-grade lithium.
Mangrove’s platform provides unique flexibility, enabling the production of lithium hydroxide and lithium carbonate in one system. This adaptability allows customers to respond to evolving market demands driven by shifts in battery chemistry preferences.
KEY QUOTES:
“Establishing North America’s first electrochemical lithium refining facility marks a key milestone in securing the continent’s battery supply chain. 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.”
- Saad Dara, CEO of Mangrove Lithium
“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. We are excited to support Saad and his team, leveraging Orion’s resources to establish Mangrove as a leader in lithium refining.”
- Jason Holt, Partner at Orion Industrial Ventures
“Mass adoption of electric vehicles is key to a clean energy future. Mangrove’s innovation reduces the carbon footprint of lithium production while driving down costs, creating a more sustainable supply chain.”
- Carmichael Roberts of Breakthrough Energy Ventures
“Sustainable critical minerals are essential to the global energy transition and the growing demand for lithium isn’t slowing down, with electric vehicles, energy storage, and electronics all relying on it. 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.”
- Leah Nguyen, Chief Investment Officer of InBC
