Vancouver-based startup Mangrove Lithium will use capital raised from BMW in a recent investment round to “accelerate the launch of a commercial-scale plant deploying its proprietary, patent-pending technology to refine lithium from a variety of sources,” said the company in a press release. The investment by BMW’s venture capital branch BMW i Ventures (BiV) joins an additional investment by Breakthrough Energy Ventures (BEV).
“There is a substantial need for technologies that enable more environmentally-friendly and cost-effective lithium production,” said BiV Managing Partner Kasper Sage. “Lithium is a key component in most battery chemistries relevant for EVs.”
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.”
“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.”
This round brings the total funds raised by Mangrove’s executive team to $25 million USD.
Said Sage, “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.”