Canada-based sustainable lithium extraction company Summit Nanotech has closed a $14m Series A funding round to advance its sustainable direct lithium extraction (DLE) platform.
The round is co-led by Xora Innovation, Capricorn’s Technology Impact Fund, and BHP Ventures.
BHP Ventures is the in-house venture capital arm of BHP while Xora Innovation is Temasek’s early-stage deep tech investing platform.
Using the fresh infusion, Summit Nanotech plans to scale up and expand its denaLi DLE platform, which is designed to unlock lithium resources sustainably and economically.
The Summit’s denaLi DLE platform helps make lithium extraction cleaner and more efficient using proprietary processes and advanced nanomaterials.
Summit expects its technology to address critical supply constraints and sustainability while meeting the increasing demand for lithium, which is used in electric vehicles and renewable energy applications.
Summit CEO and founder Amanda Hall said: “This financing will enable us to scale our denaLi technologies to make lithium mining more efficient and sustainable.”
Xora Innovation managing director Phil Inagaki said: “Lithium’s exponential demand growth can only be met with the introduction of disruptive lithium extraction technologies.
“At Xora, we believe that Summit’s solution will play a critical role in ensuring that there is a sustainable supply of lithium to support the world’s electrification goals.”
The denaLi 1,000m³/day modular units can reduce climate pollution, as well as chemicals and freshwater usage.
It is also designed to reduce waste by 90% compared to traditional lithium extraction processes while doubling the yield.