Calgary-based sustainable lithium extraction company Summit Nanotech has secured an additional $50 million in funding, which will be used to expand the company’s global reach.
Funding for the Series A2 round was led by Evok Innovations and BDC Capital’s Climate Tech Fund, alongside previous series investors Xora Innovation and Capricorn Investment Group.
“Now that we’ve successfully piloted, these funds will allow Summit to advance to the next stage of commercialization,” said Summit Nanotech founder and CEO Amanda Hall.
“Our vision is to build the lithium mine of the future and we’re on track to do that.”
Summit Nanotech secured over $34 million in startup funding through previous rounds of investment. Hall also won the $1 million Women in Cleantech Award from the Government of Canada in 2021.
The company is currently operating a multi-client project in the lithium triangle in Chile. The clean and sustainable technology developed by Hall and her team, denaLi direct lithium extraction, is also being scaled out.
Cheri Corbett, senior partner of BDC Capital’s Climate Tech Fund said that Summit Nanotech has the right technology to mine lithium in a responsible and sustainable way.
“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,” Corbett said.
Evok said that their funding will help to further commercialize Summit Nanotech’s extraction process.
“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,” said Naynika Chaubey, partner at Evok Innovations.
“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.”