FOR IMMEDIATE RELEASE: May 17, 2022
Contact: Jack Shaw, email@example.com
NEW FUNDING FROM MAJOR AUTOMAKER POSITIONS MANGROVE LITHIUM FOR CENTRAL ROLE IN FUTURE OF SUSTAINABLE EV MANUFACTURING
Investments to date pass $25M, accelerating launch of breakthrough technology
Vancouver, B.C. – Mangrove Lithium announced today it has closed a new investment round led by US-based BMW i Ventures (BiV) and joined by returning investor Breakthrough Energy Ventures (BEV). Mangrove will use these funds to accelerate the launch of a commercial-scale plant deploying its proprietary, patent-pending technology to refine lithium from a variety of sources. The plant will boost existing lithium refining operations in the Western Hemisphere, and lower lithium refining’s environmental impact. It will also enable new refining capacity by unlocking untapped resources and converting them to viable reserves.
This round brings the total funds raised by Mangrove’s executive team to $25 million USD.
Demand for lithium hydroxide and lithium carbonate continues to rise as the world transitions to electric vehicles (EVs). The International Energy Agency is tracking exponential growth in demand for EVs but says supply chain challenges – especially for battery-grade lithium – hobble car manufacturers and constrain market growth.
“Mangrove’s modular, feedstock-flexible technology has attracted serious investors who see that our technology gets global refining capacity much closer to projected demand,” said Mangrove CEO Saad Dara. “Corporate customers will need resilient lithium supplies with fiscally viable and responsible refining operations. We provide both, which is why these investors see us as positioned to take a central role in global EV scaling.”
In the face of volatile prices and supply uncertainty, major EV manufacturers are seeking to minimize battery supply chain risks .
Mangrove’s technology is the lowest-energy solution on the market, so it is not only the least expensive solution, but also the greenest. Sites with renewable energy sources could nearly eliminate their carbon footprint, as well as most of the harmful chemical inputs used in today’s lithium refining.
BiV Managing Partner Kasper Sage said, “There is a substantial need for technologies that enable more environmentally-friendly and cost-effective lithium production, as lithium is a key component in most battery chemistries relevant for EVs. Recent supply chain disruptions and soaring prices have highlighted the importance of investing in this field to make the energy transition a reality. Bringing Mangrove’s core technology to market will be a step function improvement in environmental impact, cost, performance, and flexibility over existing processes today.”
Mangrove Lithium provides the best solution to facilitate a resilient supply chain with its mobile plants, ability to process both chloride and sulfate feedstocks, and output battery-grade lithium hydroxide or carbonate. Its technology can be placed anywhere along the battery manufacturing chain: Situated at refining operations where they’re needed most, at the point of extraction, or point of manufacturing. It is also scalable and able to meet tailored product specifications.
As the investment arm of a leading auto manufacturer, BiV’s investment represents the third major sector that sees the strategic and capital value of Mangrove’s platform. Joining major financial investors such as BEV, BDC Capital, and Federal and Provincial Canadian governments, the inclusion of the auto industry is a testament to the importance of lithium in the world’s clean energy future. Mangrove intends to work hand-and-glove with the public sector and private industries to ensure there is sufficient supply of battery-grade lithium to accelerate and accomplish widely shared clean energy goals.
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 and carbonate 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 the conversion of waste brines to chemicals and desalinated water. Visit www.mangrovelithium.com.
About BMW i Ventures
BMW i Ventures is the BMW Group’s venture capital firm, investing money and resources in startups in the fields of transportation, manufacturing, supply chain and sustainability. The firm has made many successful investments over the years in companies such as Chargepoint, Graphcore, Proterra, Solid Power, Tekion, Turntide, Xometry and many more. BMW i Ventures invests in all stages from seed to growth with a focus on Series A/B.