Calgary-based Summit Nanotech, a sustainable lithium extraction technology company, has secured $25.5m in funding for the commercialisation of its direct lithium extraction (DLE) technology.
The round was led by Evok Innovations and BDC Capital's Climate Tech Fund and saw participation of Asian investors such as Mitsui Kinzoku – SBI Material Innovation Fund and LG Technology Ventures. Summit Nanotech's DLE technology, named denaLi, integrates the system with fully integrated water recycling, utilising data analytics and AI for advanced process control. This approach reduces water usage, extends sorbent lifespan, maximises lithium recovery and ensures leading on-stream reliability, which in turn drives down the levelised costs of lithium. Over the past six months, Summit's has reached significant milestones including the commissioning of a demonstration plant in northern Chile.
It has also achieved successful sorbent qualification results with a major lithium mining company and launched its proprietary data analytics platform. With the new funding, Summit will strengthen its strategic partnerships and launch full-scale commercial design, and its technology is expected to bolster international supply chains by extracting resources more economically.
