Core Insights - Mangrove Lithium has secured up to $85 million USD ($118 million CAD) in structured financing to advance its lithium refinement technology for electric vehicles (EVs) [1][6] - The Canada Growth Fund is contributing up to $65 million USD ($90 million CAD) to this financing round, with participation from existing investors including Bill Gates' Breakthrough Energy Ventures and BMW iVentures [1][6] Funding and Development Plans - National Bank of Canada is underwriting a $9 million CAD loan backed by a Clean Technology Manufacturing Investment Tax Credit, which will support the establishment of Mangrove's first commercial lithium refinement facility in Delta, BC [2] - The Delta facility is expected to produce enough battery-grade materials to power 25,000 EVs annually, with plans for a second, larger plant that could eventually power 500,000 EVs per year [2][3] Technology and Market Position - Founded in 2017, Mangrove has developed patented electrochemical lithium refining technology that is claimed to be more cost-effective, produce less waste, and require fewer chemicals than traditional methods [4] - The company has been recognized on the Global Cleantech 100 list for four consecutive years, indicating its strong position in the cleantech sector [4][5] Strategic Importance - This financing is part of the Canadian government's broader initiative to enhance the country's critical minerals capabilities and reduce reliance on China, thereby ensuring Canadian sovereignty in the sector [6]