📝 Mangrove Lithium raises $85M

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Mangrove Lithium has secured a landmark $85 million financing package to commercialize its proprietary electrochemical refining technology, a move seen as a critical step in Canada’s effort to break China’s stranglehold on the electric vehicle (EV) battery supply chain. The deal is anchored by a $65 million USD investment from the Canada Growth Fund (CGF)—a $15 billion federal vehicle designed to de-risk essential green industries—marking one of the most significant government interventions in the critical minerals sector to date. High-profile backers, including Bill Gates’ Breakthrough Energy Ventures and BMW iVentures, also participated, signaling deep confidence from both the global tech and automotive sectors. Alongside the equity investment, the National Bank of Canada provided a first-of-its-kind, $9 million CAD loan backed by the new Clean Technology Manufacturing Investment Tax Credit, creating a financial blueprint for scaling domestic cleantech.

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