Summit Nanotech secures C$67.4 million to expand lithium extraction for EV production
A Calgary startup aims to build the lithium mine of the future.
Calgary cleantech startup Summit Nanotech, which develops solutions for lithium extraction, has secured C$67.4 million (US$50 million) in what is classified as a series A2 round.
The funding was led by Summit’s first-time investors Evok Innovations and BDC Capitals Climate Tech Fund. The round also included new investors Volta Energy Technologies, NGP, Helios Climate Ventures, and The Grantham Foundation. Previous investors Xora Innovation (Temaseks deeptech investment arm) and Capricorn Investment Group also participated in the round.
What we can do now is bring more lithium to market faster and source it more sustainably.
A total of $50 million was raised in two tranches. The first tranche he closed for US$39 million and his second tranche, which closed this week he raised US$11 million. Amanda Hall, founder and CEO of Summit, called it a bridge round, and noted that Summit hopes to raise a larger Series B round at a later date to gain traction.
Founded in 2018, Summit offers direct lithium extraction technology using advanced nanomaterials. The company’s patented denaLi product claims to capture lithium ions from saltwater with minimal environmental impact.
According to Hall, electric vehicle (EV) manufacturing is being held back by a shortage of battery materials, including lithium. Demand for lithium is on the rise as the EV industry accelerates, but there is also a global shortage of the metal.
Hall told BetaKit that it would take years to expand an existing operating mine, and that existing mining methods are very archaic.
RELATED: Summit Nanotech Secures CAD $17.8 Million to Commercialize Sustainable Lithium Extraction Technology
What can be done now is to get more lithium to market faster and source it more sustainably, Hall said. can catch up with and ultimately meet the reduction of greenhouse gas emissions in the environment.
Summit originally closed a $14 million Series A round (led by Xora and Capricorn) in December 2021 to build and field a pilot unit of startups in Chile, Hall told BetaKit.
This latest funding round will be allocated to build a demo unit for customers on site in South America, which Hall expressed interest in after Summits multi-client pilot program in Chile.
With file by Josh Scott.
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