Mangrove Lithium, a Canadian lithium conversion company, has secured $35 million in financing to construct North America’s first electrochemical lithium refining facility in Delta, British Columbia. Expected to be operational by late 2025, the plant aims to produce enough battery-grade lithium to power approximately 25,000 electric vehicles annually.
The facility is set to enhance the lithium supply chain in North America, especially amid China’s proposed export restrictions on lithium processing technology. “Our Delta plant will help meet the growing demand for battery-grade lithium while enhancing energy independence amid rising geopolitical uncertainties,” said Saad Dara, CEO of Mangrove Lithium. “As North America’s first electrochemical lithium refining facility, the plant will significantly bolster regional energy security.”
The $35 million strategic investment round included new investors such as Mitsubishi Corporation, Asahi Kasei Corporation, InBC Investment Corp. (InBC), Orion Industrial Ventures, and Export Development Canada. Existing investors, including Breakthrough Energy Ventures, BMW i Ventures, and BDC Capital, also participated.
“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, 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 Lithium’s facility utilizes an innovative electrochemical process that is cost-effective and environmentally sustainable. By eliminating harmful reagents and reducing waste, the company aims to lower production costs and decrease the carbon footprint associated with producing battery-grade lithium.
“Mass adoption of electric vehicles is key to a clean energy future,” said 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 company’s technology offers flexibility by enabling the production of both lithium hydroxide and lithium carbonate within a single system. This adaptability allows customers to respond to evolving market demands driven by changes in battery chemistry preferences.
“Sustainable critical minerals are essential to the global energy transition, and the growing demand for lithium isn’t slowing down,” said 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.”
Source: Business Wire
