Mangrove Lithium has secured $35 million in financing to start construction of an electrochemical lithium refining plant in Delta, British Columbia.
New investors included Mitsubishi, Asahi Kasei, InBC Investment, Orion Industrial Ventures and Export Development Canada. Existing investors Breakthrough Energy Ventures, BMW i Ventures and BDC Capital also joined the round.
Construction is already underway and the facility is slated to be operational by late 2025. It will produce sufficient battery-grade materials to power approximately 25,000 EVs annually.
Mangrove’s production process eliminates harmful reagents and reduces waste to cut costs, according to the company. It supports the production of lithium hydroxide and lithium carbonate in one system, allowing customers to respond to evolving market demands driven by shifts in battery chemistry preferences.
“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.
Source: Mangrove Lithium
