Summit Nanotech Corporation, a company developing direct lithium extraction technology, has raised $50 million in its Series A2 funding round.
The round was led by Evok Innovations and BDC Capital’s Climate Tech Fund, with participation from previous investors such as Xora Innovation and Capricorn Investment Group.
The funds will be used to expand the global resource base and scale Canadian manufacturing capabilities. Additionally, the company has welcomed a consortium of new climate-focused funds: Volta Energy Technologies, NGP, Helios Climate Ventures, and The Grantham Foundation.
With the Series A2 round, Summit Nanotech has now raised a total of $72 million in funding since its inception. The company’s denaLi DLE technology is designed to double yield, reduce greenhouse gas emissions, minimize the use of reagents and fresh water, and significantly reduce waste compared to traditional methods.
“Now that we’ve successfully piloted, these funds will allow Summit to advance to the next stage of commercialization. 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.”
“Batteries will play an increasingly important role in decarbonizing 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. “
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