May 18, 2022 - 02:40 pm

BMW i Ventures invests in Mangrove Lithium

BMW has joined Mangrove Lithium as the lead investor through its venture capital arm BMW i Ventures. The Canadian company has developed a process to transform virgin and recycled raw lithium into battery-grade material.

Mangrove Lithium’s technology is said to enable easily scalable and sustainable production of lithium. It said the process eliminates the need for a carbonate plant, reducing the operating costs and time associated with the initial conversion of feedstock into lithium carbonate. The resulting material could be used in any type of lithium-ion battery, he said.

For BMW i Ventures, the Canadian company’s technology will be critical to the necessary expansion of e-mobility supply chains. “There is a substantial need for technologies that enable more environmentally-friendly and cost-effective lithium production, as lithium is a key component in most battery chemistries relevant for EVs,” said Kasper Sage, Managing Partner at BMW i Ventures. “Bringing Mangrove’s core technology to market will be a step function improvement in environmental impact, cost, performance, and flexibility over existing processes today.”

The funds from the Series A-1 financing round will be used to accelerate the construction of Mangrove Lithium’s first commercial production facility. BMW did not disclose the amount of the investment in its press release. Additional capital was also contributed by existing investor Breakthrough Energy Ventures.

press.bmwgroup.com, mangrovelithium.com

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Found on electrive.com
https://www.electrive.com/2022/05/18/bmw-i-ventures-invests-in-mangrove-lithium/
18.05.2022 14:31