Summit Nanotech, a Calgary-based leader in sustainable lithium extraction, has raised $36.5 million to advance its direct lithium extraction (DLE) technology.
The funding round was led by Evok Innovations and BDC Capital’s Climate Tech Fund, with support from Xora Innovation, Capricorn Investment Group, Mitsui Kinzoku – SBI Material Innovation Fund, and LG Technology Ventures.
The investment will enable Summit to move from demonstration to full-scale commercial deployment of its proprietary denaLi™ technology, which optimizes lithium recovery while reducing water use and operational costs.
“This funding comes at a pivotal time as we strengthen our strategic partnerships and transition to full-scale commercial design,” said Amanda Hall, Founder and CEO of Summit Nanotech. “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.”
Summit has achieved significant milestones in the past six months, including commissioning a demonstration plant in Northern Chile, qualifying its sorbent technology with a major lithium mining company, and launching a proprietary data analytics platform.
Cheri Corbett, Partner at BDC Capital’s Climate Tech Fund, emphasized the importance of expanding lithium supply to meet electric vehicle demand. “Summit’s technology addresses this challenge by optimizing lithium extraction from brine to produce high-quality lithium at a lower cost,” she said.
Nobuyoshi Sogabe, General Manager at Mitsui Kinzoku, expressed enthusiasm for the collaboration: “We are committed to achieving a lithium supply chain from brine by combining our advanced materials expertise with Summit’s innovative denaLi™ system.”
Founded in 2018, Summit Nanotech has positioned itself as a key player in the race to supply lithium for battery manufacturing and global electrification. With fresh capital and industry backing, the company is set to accelerate its mission of building a cleaner, more responsible lithium supply chain.