18 Jan 2023
Summit Nanotech Corporation ("Summit"), a company sustainably solving lithium supply chain challenges, 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 currently operates a multi-client pilot project in Chile and is scaling their denaLiTM DLE technology. Sustainable lithium production will be critical to meet electric vehicle demand growth and realize the energy transition for decarbonization.
-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."
Summit Nanotech Corporation | summitnanotech.com
Evok Innovations | evokinnovations.com
BDC Capital | bdc.ca/capital