Mangrove Lithium, a B.C. cleantech company that made the Cleantech Group's top 100 list last year, has announced plans to build a new lithium refining plant in Delta.
The company announced on Tuesday the closing of a $35 million financing from a consortium of investors that includes Mitsubishi Corp., Asahi Kasei Corp., InBC Investment Corp., Orion Industrial Ventures and Export Development Canada.
Mangrove Lithium’s refining process converts raw lithium from brines and hard rock lithium mining into lithium hydroxide or lithium carbonate, used in lithium-ion batteries. The new plant, set to be built along Progress Way in Delta, will produce enough battery-grade materials to power roughly 25,000 electric vehicles a year, the company said in a news release.
"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.
Construction of the new plant is already underway, the company said, and is expected to be operational by the end of this year.
“Establishing North America’s first electrochemical lithium refining facility marks a key milestone in securing the continent’s battery supply chain,” said Mangrove Lithium CEO Saad Dara. “Our Delta plant will help meet the growing demand for battery-grade lithium while enhancing energy independence amid rising geopolitical uncertainties.”
