Summit Nanotech Secures US$50M for Lithium Extraction Technology to Support the Energy Transition to Net Zero
Led by Evok Innovations and BDC Capital Climate Tech Fund, funding advances technology for growing EV market
CALGARY, Alberta, January 17, 2023 -- Summit Nanotech Corporation (“Summit”), a company sustainably solving lithium supply chain challenges, today announced the closing of a US$50 million Series A2. The Series A2 round was led by Evok Innovations and BDC Capital’s Climate Tech Fund alongside participation from previous investors including Xora Innovation and Capricorn Investment Group. Summit also welcomes a consortium of new climate-focused funds; Volta Energy Technologies, NGP, Helios Climate Ventures, and The Grantham Foundation.
The Series A2 funds will be used to expand the global resource-base and scale Canadian manufacturing capabilities. These funds build on a US$14 million Series A announced in early 2022, bringing the total funding since inception to US$72 million.
“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.”
Summit Nanotech currently operates a multi-client pilot project in Chile and is scaling their denaLi DLE technology. Sustainable lithium production will be critical to meet electric vehicle demand growth and realize the energy transition for decarbonization.
“Summit’s ground-breaking technology addresses the growing global need for lithium with a rapidly scalable, low-cost, and environmentally friendly approach which can unlock value in a wide variety of high-volume brines. Evok is excited to bring our history as company builders across the hard-tech lifecycle to bear as we partner with Summit in scaling its solution internationally,” said Naynika Chaubey, Partner, Evok Innovations.
“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. “
About Summit Nanotech Corporation
Summit Nanotech Corporation is a cleantech organization transforming how the world accesses lithium for the global energy transition. Through their patented and sustainable direct lithium extraction (DLE) technology, Summit Nanotech is conserving natural resources and optimizing operations for lithium producers in Chile and Argentina. Established in 2018 and headquartered in Calgary, Alberta, Summit Nanotech has been awarded to the 2022 Future 50 for fastest growing sustainability companies in Canada, the Foresight 50 for most investable cleantech venture, and the Solar Impulse Foundation's Efficient Solutions Label. Learn more at summitnanotech.com.
About Evok Innovations
Founded in 2016, Evok Innovations (Evok) was built around a mission of protecting the environment and strengthening the economy. Driven by global momentum toward a net zero future, Evok has established itself as a leader in industrial innovation and decarbonization, including next-generation sectors such as hydrogen and carbon capture. Building on our legacy, Evok continues to accelerate the energy transition with our team of technologists, company builders and investors. Please visit evokinnovations.com.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s Business Development Bank. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.