Summit Nanotech Receives $50 Million in Funding for Lithium Extraction Technology to Aid in the Energy Transition to Net Zero
Summit Nanotech Corporation (Summit), a company that solves problems in the lithium supply chain sustainably, just finished a US$50 million Series A2 round of funding.
The Series A2 round was led by Evok Innovations and BDC Capital's Climate Tech Fund. Previous investors like Xora Innovation and Capricorn Investment Group also took part. Summit also welcomed a consortium of new climate-focused funds; Volta Energy Technologies, NGP, Helios Climate Ventures, and The Grantham Foundation.
The proceeds from Series A2 will be used to increase the global resource base and scale Canadian manufacturing capabilities. These funds add to the US$14 million Series A funding that was announced at the beginning of 2022, bringing the total funding to US$72 million since the company's inception.
“Now that we’ve successfully piloted, these funds will allow Summit to advance to the next stage of commercialisation. Our vision is to build the lithium mine of the future, and we’re on track to do that,” says Amanda Hall, CEO and Founder of Summit Nanotech. “Our world class investors and relentless team of innovators have positioned us to create wins for both lithium mining customers and electric vehicle manufacturers.”
Summit Nanotech is scaling up its denaLi DLE technology in Chile as part of a pilot project with multiple clients. Sustainable lithium production will be vital to satisfying the growing demand for electric vehicles and realising the energy transition for decarbonisation.
“Summit’s ground-breaking technology addresses the growing global need for lithium with a rapidly scalable, low-cost, and environmentally friendly approach which can unlock value in a wide variety of high-volume brines. Evok is excited to bring our history as company builders across the hard-tech lifecycle to bear as we partner with Summit in scaling its solution internationally,” said Naynika Chaubey, Partner, Evok Innovations.
“Batteries will play an increasingly important role in decarbonising our economy,” said Cheri Corbett, Senior Partner of BDC Capital’s Climate Tech Fund. “We believe that Summit has the right technology to ensure that lithium mining is done in both a responsible and sustainable manner. Their team has set the bar high with a technology that enables material greenhouse gas reduction and will help Canada reach its 2030 and 2050 climate targets. “
Source: Summit Nanotech