Mangrove Lithium

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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Vancouver’s Mangrove Lithium has announced a major expansion of its refining capabilities, aiming to produce 20,000 tonnes annually of battery-grade lithium—enough to power 500,000 electric vehicles. The move follows China’s proposal to ban lithium processing tech exports, intensifying global supply concerns.

Mangrove’s Delta-based facility, the first of its kind in North America, will integrate spodumene concentrate processing and bolster energy independence. Backed by $35 million in funding, the company has signed offtake MoUs with multiple U.S. battery gigafactories. Recognized by Foresight Canada and the Global Cleantech 100, Mangrove positions itself as a key player in securing domestic lithium supply.

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Mangrove Lithium has secured $35 million to construct North America’s first electrochemical lithium refining facility in Delta, B.C. Set to open by late 2025, the plant will produce battery-grade lithium for 25,000 EVs annually, enhancing the continent’s energy security amid China’s proposed export ban on lithium technology.

The financing round attracted investors such as Mitsubishi Corporation, InBC, and Breakthrough Energy Ventures. Mangrove’s innovative process cuts waste and emissions, offering sustainable solutions for the EV industry.

“This milestone strengthens North America’s battery supply chain,” said CEO Saad Dara, highlighting the plant’s pivotal role in clean energy goals.

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Canada, a leader in clean tech, targets 2035 for a decarbonized grid, with over 80% power from non-emitting sources. The nation’s critical lithium reserves, 6th largest globally, fuel this ambition.

A $4 billion investment in the 2022 Canadian Critical Minerals Strategy aims to boost domestic refining and mining, reducing lithium imports. Lithium, vital for lightweight, high-capacity batteries, currently faces a bottleneck with 60% refining in China.

Vancouver emerges as a cleantech hub, offering an eco-friendly refining method. Canada eyes global leadership in lithium, leveraging abundant resources and skilled workforce.

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