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🗳️ Question of the Week

Calgary company closes USD $25.5 million funding round

Summit Nanotech Corporation, a Calgary-based company developing lithium extraction tech, announced today that it has successfully closed USD $25.5 million in funding led by Evok Innovations, BDC Capital’s Climate Tech Fund, Xora Innovation, and Capricorn Investment Group.

"This funding comes at a pivotal time for Summit as we strengthen our strategic partnerships and transition from demonstration to full-scale commercial design," said Amanda Hall, founder and CEO of the company. "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 combines water recycling with advanced system integration. It uses data analytics and AI to optimize the process, reducing water use, extending the lifespan of materials, and maximizing lithium recovery. This approach improves reliability and lowers the overall cost of producing lithium. By making it easier and more affordable to access lithium, Summit’s technology helps strengthen global supply chains.

The largest global use of lithium, accounting for 87 percent of total demand, is the manufacturing of rechargeable batteries for electronics, electric vehicles, and grid storage. The Government of Canada has identified lithium as a critical mineral due to its importance in the renewable energy transition.

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