Summit Nanotech Corporation Advances Lithium Extraction with $25.5M Boost
Deal News | Mar 18, 2025 | LG Technology Ventures LLC
Summit Nanotech Corporation, headquartered in Calgary, Alberta, has secured US$25.5 million in its latest funding round, with leading investments from Evok Innovations, BDC Capital's Climate Tech Fund, and participation from LG Technology Ventures, among others. The funds are intended to accelerate the commercialization of Summit's direct lithium extraction (DLE) technology named denaLi, which integrates water recycling, data analytics, and AI for enhanced process control, thus reducing water usage and enhancing lithium recovery. The initiative reflects the growing demand for sustainable lithium extraction solutions amid the burgeoning electric vehicle market. With recent achievements, including the commissioning of a demonstration plant in Chile and successful qualification results, Summit is well-placed to capitalize on the transition to sustainable energy. The investment aligns with strategic interests in global supply chain strengthening and meeting the expanding global electric vehicle demand.
Sectors
- Green Technology
- Mining and Materials
- Automotive
Geography
- Canada – Summit Nanotech Corporation is headquartered in Calgary, Alberta, marking Canada as a central location for this development.
- Chile – The commissioning of a demonstration plant in Northern Chile indicates the geographical relevance of Chile in Summit's operations.
- Global – The intention of strengthening international supply chains for lithium necessitates a global geographical context for the article.
Industry
- Green Technology – The funding supports Summit Nanotech's development of sustainable lithium extraction tech, making it relevant to the green technology sector.
- Mining and Materials – Summit Nanotech's DLE technology is revolutionizing lithium extraction, pertinent to advancements in the mining and materials industry.
- Automotive – With the rise in electric vehicles, the automotive industry is a key beneficiary of increased and sustainable lithium supply.
Financials
- US$25.5M – Total amount raised in funding to advance Summit's lithium extraction technology.
- $1,000 per tonne LCE – Summit's technology improves project economics compared to competing technologies.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Summit Nanotech Corporation | Target Company | Company | A leading provider of direct lithium extraction (DLE) technology. |
| Evok Innovations | Lead Investor | Company | An investor in sustainable and clean technologies. |
| BDC Capital's Climate Tech Fund | Lead Investor | Company | A fund focused on investments in climate technology. |
| LG Technology Ventures | Investor | Company | A private equity firm investing in technology innovations. |
| Amanda Hall | Founder and CEO | Person | Founder and CEO of Summit Nanotech Corporation. |
| Nobuyoshi Sogabe | General Manager at Mitsui Kinzoku | Person | Expressed support for collaboration with Summit. |
| Cheri Corbett | Partner at BDC Capitals Climate Tech Fund | Person | Articulated the strategic importance of supporting Summit. |