Summit Nanotech, a sustainable lithium extraction technology company, has secured $25.5m (C$36.51m) in funding for the commercialisation of its direct lithium extraction (DLE) technology.
This investment round was led by Evok Innovations and BDC Capital’s Climate Tech Fund, and saw participation from Xora Innovation, Capricorn Investment Group, Mitsui Kinzoku – SBI Material Innovation Fund and LG Technology Ventures.
Summit Nanotech’s DLE technology, named denaLi, integrates the system with fully integrated water recycling, utilising data analytics and AI for advanced process control.
This approach reduces water usage, extends sorbent lifespan, maximises lithium recovery and ensures leading on-stream reliability, which in turn drives down the levelised costs of lithium.
Summit Nanotech founder and CEO Amanda Hall said: “This funding comes at a pivotal time for Summit as we strengthen our strategic partnerships and transition from demonstration to full-scale commercial design.
“We are ready to provide our industry-leading solution to lithium mining companies who want to maintain a strong focus on economics and environmental responsibility.”
Summit’s technology is expected to bolster international supply chains by extracting resources more economically.
Mitsui Kinzoku general manager Nobuyoshi Sogabe said: “We are committed to make an effort to achieve a lithium supply chain from brine by collaborating our advanced material synthesis, processing and scaling technologies with Summit’s innovative denaLi system, thereby contributing to the realisation of a sustainable society.”
Over the past six months, Summit’s has reached significant milestones including the commissioning of a demonstration plant in northern Chile.
It has also achieved successful sorbent qualification results with a major lithium mining company and launched its proprietary data analytics platform.
BDC Capital’s Climate Tech Fund partner Cheri Corbett said: “The demand for electric vehicles will soon outpace growth in lithium supply. Summit’s technology addresses this challenge by optimising lithium extraction from brine to produce high-quality lithium at a lower cost.”
In December 2024, the US Department of Energy invested $17m in 14 projects across 11 states to accelerate innovation in critical materials, with Summit Nanotech USA among the beneficiaries.
