Calgary, Alberta-based Summit Nanotech Corporation announced Tuesday it had secured $50 million in Series A2 funding to address lithium supply chain challenges.
The funding, led by Evok Innovations and BDC Capital’s Climate Tech Fund, will be used to expand the company’s global resource base and scale its Canadian manufacturing capabilities. The new funding will add to the $14 million in Series A funding announced in 2022, bringing the company’s total funding since its inception in 2018 to $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,” Amanda Hall, CEO and Founder of Summit Nanotech, said. “Our world-class investors and relentless team of innovators have positioned us to create wins for both lithium mining customers and electric vehicle manufacturers.”
The company currently operates a multi-client pilot project in Chile. It is scaling its denaLi DLE technology to meet electric vehicle demand growth as the world transitions to EVs 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.