Vancouver-based Mangrove Lithium has raised $50.4 million CAD ($35 million USD) in strategic funding to begin construction on its new lithium refining plant in Delta, British Columbia.
The funding round attracted both new and existing investors, including:
- Mitsubishi
- Asahi Kasei
- InBC (British Columbia’s Innovation Agency)
- Orion Industrial Ventures
- Export Development Canada (EDC)
- Returning backers like Breakthrough Energy Ventures, BMW i Ventures, and BDC Capital
The new facility is set to become North America’s first electrochemical lithium refining plant, designed to enhance the regional battery supply chain and reduce reliance on global suppliers, particularly as China tightens export restrictions on critical minerals like lithium.
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Production Capacity and Sustainability Goals
Mangrove’s Delta plant is expected to be operational by the end of 2025, with the capability to produce enough battery-grade lithium to power approximately 25,000 electric vehicles (EVs) annually. The facility will utilize Mangrove’s proprietary electrochemical process, which:
- Reduces production costs significantly compared to traditional methods
- Lowers the carbon footprint of battery-grade lithium production
A Breakthrough in Lithium Refining Technology
Founded in 2013 as a spinout from the University of British Columbia’s clean energy research group, Mangrove Lithium’s technology directly converts raw lithium from:
- Brines
- Hard rocks
- Clays
- Recycled batteries
The process refines lithium into lithium hydroxide or lithium carbonate, key materials for EV battery production.
Saad Dara, CEO of Mangrove Lithium, stated:
“Establishing North America’s first electrochemical lithium refining facility is a major milestone in securing the continent’s battery supply chain. Our plant will not only meet the growing demand for battery-grade lithium but also strengthen energy independence amid rising geopolitical uncertainties.”
Strong Backing for a Sustainable Future
Mangrove previously raised $12.6 million CAD in a Series A round in 2021 from investors like BDC Capital and Breakthrough Energy Ventures, the climate-focused fund founded by Bill Gates. In 2022, BMW i Ventures led another financing round, underscoring growing industry confidence in Mangrove’s technology.
With this latest funding, Mangrove Lithium is well-positioned to play a key role in North America’s clean energy transition, contributing to a more secure and sustainable EV supply chain.
