Today, the Honourable Jill McKnight, Minister of Veterans Affairs and Associate Minister of National Defence, on behalf of the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, welcomed a strategic investment of up to US$65 million (approximately C$89.6 million) by the Canada Growth Fund in Mangrove Water Technologies Inc. ("Mangrove Lithium"), as part of a US$85 million structured financing package with BMW i Ventures and Breakthrough Energy Ventures.
The financing announced today will support operations at Mangrove Lithium's first commercial facility, located in Delta, BC, while also advancing development of its next project, expected to power more than 500,000 electric vehicles annually. By supporting the growth of a fully integrated lithium supply chain using Canadian-developed technology, this partnership will strengthen Canada's battery supply chain and economic resilience, resulting in the creation of high-quality, skilled jobs for Canadians.
The Government of Canada is committed to help build a greener economy by investing in clean technologies, supporting low-carbon infrastructure, and introducing regulations and incentives that encourage energy efficiency and emissions reductions. These actions aim to spur innovation, create sustainable jobs, and position Canada as a global leader in the clean economy.
