Mangrove Lithium Secures $35M in Strategic Financing for Construction of North America's First Electrochemical Lithium Refining Facility

Mangrove to Supply North America’s Growing Battery Value Chain, Setting New Standards In Lithium Processing and Refining

DELTA, British Columbia--()--Mangrove Lithium, a pioneering lithium conversion company based in Canada, announced the closing of a $35M financing to begin construction of groundbreaking lithium refining plant in Delta, British Columbia. The state-of-the-art facility—with construction already underway and slated to be operational by late 2025—will produce sufficient battery-grade materials to power approximately 25,000 electric vehicles (EVs) each year.

Mangrove’s facility comes at a critical time amidst China’s proposed export ban on lithium processing technology. As North America’s first electrochemical lithium refining facility, the plant will significantly enhance the lithium supply chain and bolster regional energy security.

“Establishing North America’s first electrochemical lithium refining facility marks a key milestone in securing the continent’s battery supply chain,” said Saad Dara, CEO of Mangrove Lithium. “Our Delta plant will help meet the growing demand for battery-grade lithium while enhancing energy independence amid rising geopolitical uncertainties. We are also excited by the diverse syndicate financial investors, government funds, and strategic investors from mining and technology development that have joined Mangrove on this journey. This validates Mangrove’s technology, plan, and position as a market leader in this space.”

This milestone follows the successful closure of a $35M strategic investment round with participation from new investors including Mitsubishi Corporation, Asahi Kasei Corporation, InBC Investment Corp. (InBC), Orion Industrial Ventures, and Export Development Canada. Also joining the round were Mangrove’s existing investors, Breakthrough Energy Ventures, BMW i Ventures, and BDC Capital.

"Lithium is essential to the energy transition, and Mangrove's technology is a game-changer in diversifying the supply chain for battery-grade lithium with strong economics and minimal environmental impact," said Jason Holt, Partner at Orion Industrial Ventures. "We are excited to support Saad and his team, leveraging Orion's resources to establish Mangrove as a leader in lithium refining."

Mangrove's facility is built around its breakthrough electrochemical process, which is cost-effective and environmentally sustainable. By eliminating harmful reagents and reducing waste, the company significantly cuts production costs and the carbon footprint of battery-grade lithium.

"Mass adoption of electric vehicles is key to a clean energy future," said Carmichael Roberts of Breakthrough Energy Ventures. "Mangrove’s innovation reduces the carbon footprint of lithium production while driving down costs, creating a more sustainable supply chain."

Mangrove’s platform offers unique flexibility, enabling the production of lithium hydroxide and lithium carbonate in one system. This adaptability allows customers to respond to evolving market demands driven by shifts in battery chemistry preferences.

"Sustainable critical minerals are essential to the global energy transition and the growing demand for lithium isn’t slowing down, with electric vehicles, energy storage, and electronics all relying on it," said Leah Nguyen, Chief Investment Officer of InBC. “We are proud to back Mangrove Lithium’s scale-up in British Columbia, fostering innovation and growth in clean energy and representing B.C.’s climate leadership."

To learn more about Mangrove Lithium and their upcoming lithium production facility, please visit their website at www.mangrovelithium.com.

About Asahi Kasei

The Asahi Kasei Group contributes to life and living for people around the world. Since its foundation in 1922 with ammonia and cellulose fiber business, Asahi Kasei has consistently grown through the proactive transformation of its business portfolio to meet the evolving needs of every age. With more than 49,000 employees worldwide, the company contributes to sustainable society by providing solutions to the world’s challenges through its three business sectors of Material, Homes, and Health Care. For more information, visit www.asahi-kasei.com.

About Asahi Kasei Corporate Venture Capital

Asahi Kasei Corporate Venture Capital has invested strategically in innovative startups over ten years, from seed to later stages. In addition to investment side, Asahi Kasei is committed to providing strategic value and support to our portfolio companies. For more information, visit www.asahikaseiventures.com.

About BDC Capital

BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, as well as fund investments, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.

About BMW i Ventures

BMW i Ventures is the independent venture capital firm of BMW Group. From offices in Silicon Valley and Munich, BMW i Ventures invests in early to growth-stage companies defining the future of automotive, sustainability, manufacturing, and supply chain. Since starting in 2011, the firm has $800M under management and has invested in over 75 startups, including Bcomp, Boston Metal, CelLink, ChargePoint, GaN Systems, Motorway, Tekion, and Xometry. For more information: https://www.bmwiventures.com/

About Breakthrough Energy Ventures

BEV is a purpose-built investment firm that invests in, launches, and scales global companies that are building an emissions-free global economy. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market, and policy expertise. Backed by many of the world's top business leaders, companies, and investors, BEV has raised more than $2.5 billion in committed capital and invested in more than 100 groundbreaking companies.

https://breakthroughenergy.org/our-work/breakthrough-energy-ventures/

About EDC

Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy for all Canadians.

For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.

About InBC Investment Corp.

InBC Investment Corp. (InBC) is a strategic investment fund created by the Province of British Columbia (B.C.) with $500 million to invest in growing companies and venture funds to generate financial returns alongside economic, social or environmental impacts for B.C. To learn more: www.inbcinvestment.ca

About Mitsubishi Corporation

Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its global network of around 1,800 group companies. MC has eight Business Groups that operate across virtually every industry: Environmental Energy, Materials Solution, Mineral Resources, Urban Development & Infrastructure, Mobility, Food Industry, Smart-Life Creation and Power Solution. Through these eight Business Groups, MC's current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations.

About Orion Resource Partners

Orion Resource Partners is a global alternative investment firm dedicated to metals and materials. Our in-depth sector knowledge, global operations, and extensive network uniquely position us to build tailored investment solutions across the liquidity spectrum for our institutional partners. https://oiv.orionrp.com/team

About Mangrove Lithium

Mangrove Lithium is a technology company based out of Vancouver, Canada that has developed a patented electrochemical lithium refining technology for the conversion of lithium extracted from a variety of feedstocks into high-purity battery-grade lithium hydroxide and lithium carbonate. Mangrove’s technology offers the potential for the lowest cost, highest purity lithium hydroxide and carbonate while reducing the carbon emissions associated with incumbent lithium refining technologies. Mangrove is backed by some of the world’s most admired investors and companies, including Bill Gates’ Breakthrough Energy Ventures, BMW i Ventures, Mitsubishi Corporation, Asahi Kasei, the Business Development Bank of Canada, Export Development Canada, InBC Investment Corp., and Orion Resource Partners. www.mangrovelithium.com

Contacts

For media enquiries please reach out to:
Carl McBeath
carlmcbeath@mangrovelithium.com

Contacts

For media enquiries please reach out to:
Carl McBeath
carlmcbeath@mangrovelithium.com