Calgary-based Summit Nanotech – a leading producer of sustainable lithium extraction technology – announced it has successfully closed US$25.5 million in funding led by Evok Innovations and BDC Capital’s Climate Tech Fund, with participation from Xora Innovation, Capricorn Investment Group, Mitsui Kinzoku – SBI Material Innovation Fund, and LG Technology Ventures.
Amanda Hall, founder and CEO of Summit Nanotech, said, "This funding comes at a pivotal time for Summit as we strengthen our strategic partnerships and transition from demonstration to full-scale commercial design. We are ready to provide our industry-leading solution to lithium mining companies who want to maintain a strong focus on economics and environmental responsibility."
Founded in 2018, Summit invented a patented sorbent, DLE process technology, and data analytics platform that, when combined, improves project economics by over $1,000 per tonne LCE and unlocks additional plant capacity compared to competing DLE technologies. Its technology selectively and efficiently captures lithium ions from brine which, after conversion, can be sold directly to a battery manufacturer. Summit partners with mining and oil and gas companies to accelerate and optimize their lithium resources.
Summit’s innovative direct lithium extraction technology, denaLi, combines system and fully integrated water recycling. The company harnesses data analytics and AI for advanced process control ensuring reduced water use, maximum sorbent lifespan, maximum lithium recovery and leading on-stream reliability, driving levelized lithium costs down. Summit’s technology will strengthen international supply chains by unlocking more economic resources.
Nobuyoshi Sogabe, general manager at Mitsui Kinzoku, expressed enthusiasm about the investment: "We are committed to make an effort to achieve a lithium supply chain from brine by collaborating our advanced material synthesis, processing, and scaling technologies with Summit’s innovative denaLi system, thereby contributing to the realization of a sustainable society."
In the last six months, Summit has achieved key milestones, including commissioning a demonstration plant in Northern Chile, successful sorbent qualification results with a major lithium mining company, and launching their proprietary data analytics platform. With strong investor backing and a commitment to innovation and cost reduction, Summit is well-positioned to drive the future of sustainable lithium extraction.
Cheri Corbett, a partner at BDC Capital’s Climate Tech Fun, commented, "The demand for electric vehicles will soon outpace growth in lithium supply. Summit's technology addresses this challenge by optimizing lithium extraction from brine to produce high-quality lithium at a lower cost. We need to get more competitive lithium to market if we are to meet the global demand for electric vehicles. That’s why we’re working with results-driven leaders like Amanda and her team. A great example of a growth-minded Canadian business, exactly the kind that BDC is designed to help get to the next level."
More information is posted on www.SummitNanotech.com.
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