Mangrove Lithium this week announced structured financing up to US$85 million.
The British Columbia cleantech says it has “unlocked a new financing mechanism” and believes it is “creating a blueprint for future large-scale industrial projects financings in Canada.”
The capital—hailing primarily from the Canada Growth Fund, Breakthrough Energy Ventures, BMW iVentures—is designed to support commercialization and deployment of Mangrove’s lithium refining technology in Canada and abroad.
The deal closed concurrently with a $9 million Clean Technology Manufacturing Investment Tax Credit backed loan underwritten by National Bank of Canada.
A 2026 Global Cleantech 100 company, Mangrove brings an electrochemical-based approach to lithium production. The company focuses on optimizing the extraction phase, converting impure rock extracts into battery-grade lithium hydroxide, a critical input for electric vehicle and energy-storage markets.
“Mangrove Lithium is at a pivotal moment in its growth, and CGF’s investment accelerates our expansion,” says cofounder Saad Dara.
“We are proud of the progress to establish Mangrove Lithium as the leader in next-generation lithium processing and refining technologies, enabling a Canadian solution to strengthen the lithium supply chain, enhance energy security, and support the transition to a net-zero future,” the chief executive officer stated.
The Canada Growth Fund has a mandate to invest in local cleantech companies advancing and commercializing innovative solutions.
“CGF was created to help Canadian companies and projects scale, and to strengthen Canada’s low-carbon supply chains,” explains Yannick Beaudoin, Chief Executive Officer of Canada Growth Fund Investment Management.
The transaction “will enable Mangrove Lithium to advance its commercial development in a sector that is critical for Canada,” according to Beaudoin.
“CGF is pleased to partner with Mangrove Lithium and to reinforce our important role to help companies create the right conditions to attract private capital,” he said.
“We look forward to working with CGF and our existing partners to fully commercialize our unique and proprietary technology through wide-scale deployment,” commented Dara.
The National Bank of Canada, meanwhile, is “excited to have provided a C$9 million credit facility, backed by the new CTM ITC-program, in support of our long-time client Mangrove Lithium,” according to Jeffrey Lightburn, Director of Technology & Innovation the Bank.
“This demonstrates the viability of an important financial tool for Mangrove Lithium’s future project financings and shows our commitment to their growth through the use of such an innovative, industry-leading mechanism,” he said.
Mangrove recently completed Phase 1 construction for its 1,000 tonne per annum, first-of-a-kind commercial lithium refining facility in Delta.