British Columbia cleantech firm Mangrove Lithium has secured structured financing of up to US$85 million to advance commercialization of its lithium refining technology. The funding, led by the Canada Growth Fund with participation from Breakthrough Energy Ventures and BMW iVentures, supports deployment in Canada and abroad.
The deal closed alongside a $9 million loan backed by Canada’s Clean Technology Manufacturing Investment Tax Credit and underwritten by National Bank of Canada. Mangrove uses an electrochemical process to convert impure rock extracts into battery-grade lithium hydroxide. CEO Saad Dara said the financing accelerates growth and strengthens Canada’s lithium supply chain as demand rises for electric vehicles and energy storage.
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