Mangrove Lithium has announced the successful closing of a $3M financing from BDC Capital’s Cleantech Practice. Mangrove is a developer of a breakthrough modular platform for the most cost-effective production of battery grade lithium hydroxide. Its electrochemical innovation simplifies existing processes and can directly refine input streams from brine, hard-rock, clay and geothermal assets.
Saad Dara, Mangrove’s CEO.
Lithium processing is presently concentrated in a small number of regions in the world
“As electrification and decarbonization accelerates, Industry and Governments have recognized the emerging supply risk and the importance of having access to a diverse, secure and low-cost source of the critical raw material.”
Mangrove plans to leverage technology platform advancements made possible with $7.1M in previously announced funding from Emissions Reduction Alberta (ERA) and Sustainable Development Technology Canada (SDTC).
An additional $3M in funding from BDC will help Mangrove accelerate the deployment of the first commercial systems with upstream lithium producers and cathode and cell manufacturers.
Cheri Corbett, Director with BDC Capital’s Cleantech Practice.
This is a pivotal moment as awareness around environmental challenges rises on a global level.
Mangrove’s technology is truly unique as it addresses a key bottleneck in the lithium supply chain,”
“We could not be more excited to support the Mangrove team in their plans for commercialization.”
Mangrove Raises $3M from BDC Capital to Accelerate & Diversify Lithium Refining Globally, Vancouver, British Columbia, February 9, 2021
