Mangrove Lithium, a pioneering lithium conversion company based in Canada, has announced the closing of a $35M financing to begin construction of a groundbreaking lithium refining plant in Delta, British Columbia. The state-of-the-art 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.
Mangrove’s facility comes at a critical time amidst China’s proposed export ban on lithium processing technology. As North America’s first electrochemical lithium refining facility, the plant will significantly enhance the lithium supply chain and bolster regional energy security.
“Establishing North America’s first electrochemical lithium refining facility marks a key milestone in securing the continent’s battery supply chain,” said 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 financial investors, government funds, and strategic investors from mining and technology development who have joined Mangrove on this journey. This validates Mangrove’s technology, plan, and position as a market leader in this space.”
This milestone follows the successful closure of a $35M strategic investment round with participation from new investors including Mitsubishi Corporation, Asahi Kasei Corporation, 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.
“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,” said 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 its breakthrough 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.
“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.”
Mangrove’s platform offers 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.
“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,” 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.”
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