News Summary

Calgary-based cleantech startup Summit Nanotech has closed a $36.5 million CAD funding round to transition its lithium extraction technology from demonstration to 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. Summit Nanotech, founded in 2018, utilizes advanced nanomaterials and data analytics to offer direct lithium extraction from brine water, minimizing environmental impact. The company recently commissioned a demonstration plant in Northern Chile, a significant lithium source. The funding supports Summit’s strategic partnerships and positions it to meet the growing global demand for electric vehicle batteries. Summit was also featured on the Global Cleantech 100 list, highlighting its potential impact on the market.