Mangrove Raises $3M from BDC Capital to Accelerate & Diversify Lithium Refining Globally
Mangrove Lithium 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.
“Lithium processing is presently concentrated in a small number of regions in the world,” says Mangrove’s CEO Saad Dara. “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.
“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,” said Cheri Corbett, Director with BDC Capital’s Cleantech Practice. “We could not be more excited to support the Mangrove team in their plans for commercialization.”
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 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, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
About Mangrove Lithium
Mangrove Lithium, a Vancouver based Company, has developed a breakthrough platform for the most cost-effective production of battery grade lithium hydroxide from diverse input streams and assets. Mangrove’s modular solution can be scaled to any capacity and co-located with upstream lithium producers or cathode and cell manufacturers. The platform technology is also being commercialized for conversion of waste brines to chemicals and desalinated water. Visit www.mangrovelithium.com
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