This round brings the total funds raised by Mangrove’s executive team to USD $25 million.
Late last year Mangrove Lithium announced they had raised a USD $10 million USD Series A investment round led by Bill Gates backed Breakthrough Energy Ventures (BEV).
In the face of volatile prices and supply uncertainty, major EV manufacturers are seeking to minimize battery supply chain risks.
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 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.
“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.”