Summit Nanotech Corporation, a pioneer in sustainable lithium extraction solutions, has successfully raised US$25.5 million in funding. The investment round was led by Evok Innovations, BDC Capital’s Climate Tech Fund, Xora Innovation, and Capricorn Investment Group, with additional participation from Mitsui Kinzoku – SBI Material Innovation Fund and LG Technology Ventures. This significant financial boost will accelerate Summit's efforts to scale its innovative lithium extraction technology for widespread commercial use.

"This funding arrives at a critical juncture as we bolster our strategic partnerships and move from demonstration to full-scale commercial design," stated Amanda Hall, Summit's Founder and CEO. "Our innovative technology offers lithium mining companies a solution that prioritizes both economic viability and environmental responsibility."

Summit's advanced direct lithium extraction ("DLE") technology, denaLi, integrates an efficient system that fully recycles water. By utilizing data analytics and AI-driven process control, denaLi ensures minimal water usage, extended sorbent lifespan, optimal lithium recovery, and exceptional on-stream reliability. This approach significantly lowers lithium production costs while enhancing resource accessibility, strengthening global supply chains. The denaLi system addresses key environmental concerns in lithium extraction by reducing water wastage, minimizing chemical footprints, and enhancing operational efficiency, aligning well with industry sustainability goals.

Nobuyoshi Sogabe, General Manager at Mitsui Kinzoku, shared his excitement about the partnership: "We are dedicated to developing a sustainable lithium supply chain through collaboration. By combining our expertise in material synthesis, processing, and scaling with Summit's denaLi system, we aim to contribute to a greener society. Our investment reflects our commitment to innovation that benefits both the environment and the global energy landscape."

Over the past six months, Summit has achieved several key milestones. These include commissioning a demonstration plant in Northern Chile, successfully qualifying its sorbent with a major lithium mining company, and launching a proprietary data analytics platform that optimizes process control and efficiency. The demonstration plant’s success underscores Summit’s readiness to transition to large-scale commercial design and meet the increasing demand for lithium driven by the electric vehicle (EV) market and renewable energy storage solutions.

"The rapid growth in electric vehicle adoption will soon surpass lithium supply expansion," said Cheri Corbett, Partner at BDC Capital's Climate Tech Fund. "Summit's technology addresses this urgent need by optimizing lithium recovery from brine to deliver high-quality lithium more cost-effectively. Meeting the rising demand for lithium is essential for the EV market's growth, and we are proud to back innovators like Amanda and her team. Summit represents exactly the kind of Canadian business BDC is committed to supporting as they scale their operations."

With its cutting-edge technology, strategic investor partnerships, and dedication to sustainability, Summit Nanotech is poised to revolutionize the lithium extraction industry. By providing mining companies with a cost-effective, environmentally responsible solution, Summit is set to play a crucial role in advancing global clean energy initiatives and ensuring a stable lithium supply chain for future generations.