Published on January 19th, 2023 📆 | 2051 Views ⚑
0Summit Nanotech Secures US$50M for Lithium Extraction Technology to Support the Energy Transition to Net Zero
Summit Nanotech secures US$50M for lithium extraction technology to support the energy transition to net zero.
Summit Nanotech Corporation (āSummitā), 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 Capitalās 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 aĀ US$14 millionĀ Series A announced in early 2022, bringing the total funding since inception toĀ US$72 million.Ā Ā
Amanda Hall, CEO and Founder of Summit Nanotech, said:
Now that weāve successfully piloted, these funds will allow Summit to advance to the next stage of commercialization.
āOur vision is to build the lithium mine of the future and weāre on track to do that.ā
āOur world class investors and relentless team of innovators have positioned us to create wins for both lithium mining customers and electric vehicle manufacturers.āĀ
Summit currently operates a multi-client pilot project inĀ ChileĀ and is scaling their denaLiTMĀ DLE technology. Sustainable lithium production will be critical to meet electric vehicle demand growth and realize the energy transition for decarbonization.Ā
Naynika Chaubey, Partner, Evok Innovations, said:
Summitās ground
ābreaking 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.
āEvok 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.ā
Cheri Corbett, Senior Partner of BDC Capitalās Climate Tech Fund, said:
Batteries will play an increasingly important role in decarbonizing our economy.
āWe 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 helpĀ CanadaĀ reach its 2030 and 2050 climate targets.Ā ā
ABOUT SUMMIT NANOTECHĀ Ā
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 inĀ ChileĀ and Argentina.Ā Ā
Established in 2018 and headquartered inĀ Calgary, Alberta, Summit Nanotech has been awarded to the 2022 Future 50 for fastest growing sustainability companies inĀ Canada, the Foresight 50 for most investable cleantech venture, and the Solar ImpulseāÆFoundationās Efficient Solutions Label. Learn more atĀ summitnanotech.com.Ā Ā
ABOUT EVOK INNOVATIONSĀ
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.Ā
Building on our legacy, Evok continues to accelerate the energy transition with our team of technologists, company builders and investors. Please visitĀ evokinnovations.com.Ā
ABOUT BDC CAPITALĀ
BDC Capital is the investment arm of BDC,Ā CanadaāsĀ Business Development Bank. With overĀ $6 billionĀ under management, BDC Capital serves as a strategic partner to the countryās 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. VisitĀ bdc.ca/capital.Ā
Summit Nanotech Secures US$50M for Lithium Extraction Technology to Support the Energy Transition to Net Zero, CALGARY, AB, January 18, 2023
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