Summit Nanotech Corporation, a company developing direct lithium extraction (DLE) technology, closed 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.
Summit Nanotech currently operates a multi-client pilot project in Chile and is scaling its novel sorbent-based denaLi DLE technology. The denaLi DLE technology is designed to double yield, reduce GHG emissions, minimize the use of reagents and fresh water, and materially reduce waste compared to traditional methods.
Daga, Vijay et al. (2022) “Ion exchange membrane and methods of recovering a target ion” WO2022236415A1