Calgary-based cleantech startup Summit Nanotech has secured $36.5 million CAD ($25.5M USD) in funding to transition its lithium extraction technology from demonstration to full-scale commercialization.
The round was led by Evok Innovations and BDC Capital’s Climate Tech Fund, with participation from Xora Innovation, Capricorn Investment Group, LG Technology Ventures, and Mitsui Kinzoku’s SBI Material Innovation Fund.
Scaling Sustainable Lithium Extraction
Summit Nanotech, founded in 2018, has developed a direct lithium extraction (DLE) technology using advanced nanomaterials and data analytics. The company’s flagship denaLi product captures lithium ions from brine water with minimal environmental impact.
CEO Amanda Hall emphasized the importance of scaling up:
“This funding comes at a pivotal moment as we strengthen our strategic partnerships and move toward full-scale commercial deployment.”
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Key Developments & Market Impact
- Commissioned a demonstration plant in Northern Chile, one of the world’s largest lithium sources.
- Named to the 2025 Global Cleantech 100 list, highlighting its industry impact.
- Raised $50M USD in 2023, initially targeting a $150M Series B at a valuation between $400M-$600M.
Bridging the Lithium Supply Gap
With global demand for electric vehicles surging, Summit Nanotech’s technology could help increase lithium supply while reducing environmental damage.
BDC Capital’s Cheri Corbett highlighted its potential:
“To meet EV demand, we need more competitive lithium sources. Summit is a prime example of a Canadian company poised for global impact.”
With $36.5M in new funding, Summit Nanotech is advancing its mission to revolutionize lithium extraction while making the industry more efficient, sustainable, and scalable.
