Summit Nanotech Corporation Closes US$25.5M Funding Round to Accelerate Commercialization of their Direct Lithium Extraction Technology

Core Insights - Summit Nanotech Corporation has successfully closed US$25.5 million in funding, led by Evok Innovations and BDC Capital's Climate Tech Fund, with participation from several other investors [1][2]. Company Overview - Summit Nanotech is a leader in sustainable lithium extraction technology, focusing on direct lithium extraction (DLE) through its patented denaLi™ system [5][6]. - The company was founded in 2018 and is headquartered in Calgary, Alberta, aiming to improve project economics by over $1,000 per tonne of lithium carbonate equivalent (LCE) [5][6]. Technology and Innovation - Summit's DLE technology integrates water recycling, data analytics, and AI for advanced process control, which reduces water usage and maximizes lithium recovery [2][6]. - The technology is designed to optimize lithium extraction from brine, producing high-quality lithium at a lower cost, addressing the growing demand for electric vehicles [4][6]. Strategic Partnerships and Milestones - The company has achieved significant milestones, including the commissioning of a demonstration plant in Northern Chile and successful sorbent qualification results with a major lithium mining company [3]. - Summit is collaborating with Mitsui Kinzoku to develop a sustainable lithium supply chain, leveraging advanced material synthesis and processing technologies [3]. Market Demand and Future Outlook - The demand for electric vehicles is expected to outpace lithium supply growth, highlighting the importance of Summit's technology in meeting this challenge [4]. - With strong investor backing and a commitment to innovation, Summit is well-positioned to lead the future of sustainable lithium extraction [3][4].