Cleantech startup Summit Nanotech announced today that it has raised $50 million in its most recent funding round, with proceeds aimed at expanding its lithium production capabilities, and helping address challenges in the lithium supply chain.

Lithium is a key input in most energy storage system, and rapidly rising demand for the material from electric vehicle manufacturers and suppliers, alongside slow increases of supply are emerging as key challenges for the EV and battery industries. The lithium supply chain also faces sustainability challenges including greenhouse gas (GHG) emissions and material waste.

Founded in 2018, Calgary-based Summit has developed proprietary direct lithium extraction (DLE) technology, enabling conservation of natural resources and optimized operations for lithium producers. The company’s solution applies advanced chemistry and engineering to extract high-quality lithium from brine solution faster than traditional methods, while minimizing the use of freshwater, limiting the use of chemicals, and using low pressure and low temperatures to mitigate GHG emissions.

Amanda Hall, CEO and Founder of Summit Nanotech, said:

“Our vision is to build the lithium mine of the future and we’re on track to do that. Our world class investors and relentless team of innovators have positioned us to create wins for both lithium mining customers and electric vehicle manufacturers.”

The capital raise was led by climate-focused investors including by Evok Innovations and BDC Capital’s Climate Tech Fund, and included participation from existing investors Xora Innovation and Capricorn Investment Group. Several other new climate-focused investors joined the capital raise, including Volta Energy Technologies, NGP, Helios Climate Ventures, and The Grantham Foundation.

Cheri Corbett, Senior Partner of BDC Capital’s Climate Tech Fund, said:

“Batteries will play an increasingly important role in decarbonizing our economy. We believe that Summit has the right technology to ensure that lithium mining is done in both a responsible and sustainable manner.”