Summary
- Mangrove Lithium has secured $35 million in financing for a lithium refining plant in Delta, British Columbia
- New investors include Mitsubishi, Asahi Kasei, InBC Investment, Orion Industrial Ventures, and Export Development Canada
- Construction has begun and the plant is expected to be operational by late 2025, producing battery-grade materials for 25,000 EVs annually
- Mangrove’s production process reduces waste and eliminates harmful reagents to cut costs
- The plant aims to meet the increasing demand for battery-grade lithium and enhance energy independence, according to CEO Saad Dara.
Article
Mangrove Lithium has successfully secured $35 million in financing to begin the construction of an electrochemical lithium refining plant in Delta, British Columbia. This funding round included new investors such as Mitsubishi, Asahi Kasei, InBC Investment, Orion Industrial Ventures, and Export Development Canada. Existing investors Breakthrough Energy Ventures, BMW i Ventures, and BDC Capital also participated in this round. The construction of the plant is already underway, with an expected operational date set for late 2025. Once operational, the facility will have the capacity to produce battery-grade materials to power approximately 25,000 electric vehicles per year.
The production process at Mangrove’s plant is designed to eliminate harmful reagents and reduce waste, ultimately cutting costs for the company. By supporting the production of lithium hydroxide and lithium carbonate in one system, Mangrove Lithium allows customers to respond to evolving market demands driven by shifts in battery chemistry preferences. This innovative approach to lithium refining not only meets the growing demand for battery-grade lithium but also enhances energy independence in the face of rising geopolitical uncertainties. Saad Dara, the CEO of Mangrove Lithium, expressed confidence in the plant’s ability to contribute to the sustainable growth of the electric vehicle industry by providing a reliable source of high-quality lithium products.
The Delta plant’s strategic location in British Columbia serves as a key advantage for Mangrove Lithium, as it allows the company to tap into the growing market for battery-grade materials in the electric vehicle industry. With an emphasis on sustainability and environmental responsibility, the plant’s production process is designed to minimize its impact on the environment while meeting the stringent quality requirements of the lithium battery market. By leveraging advanced technology and innovative manufacturing techniques, Mangrove Lithium aims to establish itself as a leading supplier of lithium products for the electric vehicle industry, positioning itself to capitalize on the increasing global demand for clean energy solutions.
The involvement of key investors such as Mitsubishi, Asahi Kasei, and Export Development Canada highlights the confidence in Mangrove Lithium’s potential to transform the lithium refining industry. By securing significant financing for the construction of its Delta plant, Mangrove Lithium demonstrates its commitment to innovation and sustainability in the production of battery-grade lithium products. As the electric vehicle market continues to expand, the demand for high-quality lithium materials is expected to rise, and Mangrove Lithium is well-positioned to meet this growing need with its state-of-the-art facility in British Columbia.
In addition to its innovative production process, Mangrove Lithium’s Delta plant aims to support the sustainable growth of the electric vehicle industry by providing a reliable and cost-effective source of battery-grade lithium. By streamlining the production of lithium hydroxide and lithium carbonate in a single system, the company can adapt to changing market preferences and maintain its competitiveness in the industry. With the support of both new and existing investors, Mangrove Lithium is poised to play a significant role in driving the transition towards clean energy solutions and reducing dependence on traditional fossil fuels.
Overall, the successful financing round and ongoing construction of Mangrove Lithium’s Delta plant represent a significant milestone for the company and the electric vehicle industry as a whole. With a focus on innovation, sustainability, and environmental responsibility, Mangrove Lithium is well-positioned to meet the growing demand for battery-grade lithium materials in the market. By leveraging advanced technology and strategic partnerships, the company aims to establish itself as a leading supplier of high-quality lithium products, contributing to the continued growth and adoption of electric vehicles worldwide.
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