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<p>Battery-grade lithium hydroxide producer <a href="https://www.mangrovelithium.com/" target="_blank" rel="noopener">Mangrove Lithium</a> has closed a $10 million Series A investment round led by Breakthrough Energy Ventures (BEV). The fund will be used to build its first operational, commercial-scale plant to expand lithium refining capacity. The round saw participation from existing investor BDC Capital&#8217;s Cleantech Practice (BDC).</p>
<p>The company claims it has developed a feedstock-flexible, modular platform to produce battery-grade lithium hydroxide and lithium carbonate. It produces the two compounds from brines, hard-rock, clays, and battery recycling streams.</p>
<p>Benchmark Mineral Intelligence forecasts a global supply gap of 4.3 million tons of lithium carbonate and lithium hydroxide by 2040. The supply of high-purity, battery-grade lithium will be critical to the rapid adoption of electric vehicles (EV).</p>
<p>According to Saad Dara, CEO, Mangrove, a sufficient supply of high-purity lithium is critical if the world has to reach over 70% EV penetration by 2040. &#8220;There is a strong risk of this ambition being derailed if the emerging supply deficit is not addressed today.&#8221;</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2021/11/Lithium-demand.jpg"><img decoding="async" loading="lazy" class="aligncenter wp-image-30533 size-full" src="https://mercomindia.com/wp-content/uploads/2021/11/Lithium-demand.jpg" alt="Lithium demand" width="451" height="382" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/11/Lithium-demand.jpg 451w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/11/Lithium-demand-300x254.jpg 300w" sizes="(max-width: 451px) 100vw, 451px" /></a>&#8220;Transitioning to EVs is a critical step in reducing global greenhouse gas emissions. Mangrove&#8217;s technology solves a huge constraint in electrifying the world&#8217;s vehicle fleet by enabling the lowest-cost, highest-purity lithium hydroxide – at a scale of hundreds of millions of vehicles – and can be applied throughout the supply chain,&#8221; said Carmichael Roberts, Breakthrough Energy Ventures.</p>
<p>Mangrove&#8217;s technology unlocks new assets and turns resources into reserves by enabling greater project bankability. The company&#8217;s initial focus is on lithium brines that represent 60% of global deposits. Mangrove&#8217;s innovation supposedly eliminates complex steps in the conventional refining processes for lithium brines.</p>
<p>In addition to eliminating capital expenditure associated with conventional lithium refining methods, Mangrove claims its technology can reduce operational expenditure by as much as 40% in lithium hydroxide production from brines.</p>
<p>Mangrove&#8217;s platform can integrate with upstream lithium producers, vertically integrate lithium refining alongside battery manufacturing, or act as a versatile independent refinery. The company intends to work with different companies throughout the lithium and battery supply chains to produce battery-grade lithium hydroxide and lithium carbonate at a commercial scale to meet growing demand.</p>
<p>Yotta Energy, a U.S.-based energy storage solution provider, had <a href="https://mercomindia.com/storage-provider-yotta-energy-series-a-funding/" target="_blank" rel="noopener">raised</a> $13 million in a Series A funding round. The company will utilize the fresh funding to expand product deployment in the U.S. and Latin America, grow its workforce, and increase power generation revenue from commercial flat-roof buildings.</p>
<p>In the first nine months of 2021, battery storage companies globally <a href="https://mercomcapital.com/product/9m-q3-2021-funding-ma-report-storage-grid-efficiency" target="_blank" rel="noopener">raised</a> $5.5 billion in 59 deals a 400% increase compared to $1.2 billion in 21 deals in 9M 2020. Of this, $4 billion in 17 deals went to lithium-based battery companies.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Battery-Grade Lithium Producer Mangrove Raises $10 Million in Series A Funding

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