Canada’s Summit Nanotech grabs $14M from Temasek, BHP

Canada’s Summit Nanotech grabs $14M from Temasek, BHP

Mar 2, 2022 2 min read
  • Canada’s leading startup in sustainable lithium extraction, Summit Nanotech announces close of $14M Series A to drive the circular economy and ESG
  • Round co-led by Temasek’s early-stage deep tech investing platform, Xora Innovation and Capricorn’s Technology Impact Fund, joined by BHP Ventures
  • Funds will be used to advance the commercialisation of Summit Nanotech’s technology and processes that make lithium extraction cleaner and more efficient - critical to the energy transition

The groundbreaking technology startup in sustainable lithium extraction, Summit Nanotech Corporation has announced it closed a $14 million Series A. The round was co-led by Temasek’s early-stage deep tech investing platform, Xora Innovation and Capricorn’s Technology Impact Fund, joined by BHP Ventures. According to Summit the additional funds will be used to commercialise the denaLi™ DLE platform, an award-winning lithium extraction process that brings true battery sustainability within reach in the energy transition.

Summit Nanotech’s technology and processes make lithium extraction cleaner and more efficient, a persistent issue in the electrification of the energy, transport and more. Summit’s offering, the denaLi™ DLE platform leverages advanced nanomaterials and processes to improve lithium extraction, which has for years attracted criticism from many commentators, including from the worlds of business, human rights and environmentalism.  

Summit says its tech also addresses acute supply shortages, exacerbated by the crisis in Ukraine, alongside meeting new demand for sustainability, both with the lithium itself and the sustainability goals it enables, amid surging lithium prices with the adoption of electric vehicles and increasing renewable energy. Summit was founded by the geophysicist Amanda Hall, CEO & Founder to provide economically viable and sustainable lithium.

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According to Summit Nanotech the denaLi™ platform doubles yield, reduces climate pollution, minimises the use of chemicals and freshwater, and overall cut waste by 90 per cent versus traditional lithium extraction methods. Summit’s denaLi™ is also under development in processes to recover lithium from battery recycling to support the circular economy.

Amanda Hall, CEO & Founder of Summit:

“It’s not an overstatement to say that we are on the doorstep of a massive problem with lithium demand. This financing will enable us to scale our denaLi™ technologies to make lithium mining more efficient and sustainable. Our investors not only grasp our scientific foundations but also share our ambitions to bring sustainable solutions and attractive economics to F500 and junior mining companies alike.”

Phil Inagaki, Managing Director of Temasek’s Xora Innovation:

“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.”

Cecilia Dos Santos Claro, R&D Leader at Allkem:

“We believe there is significant potential for this technology to contribute to global lithium production as demand for sustainable, high-quality lithium products grows rapidly.”

Dipender Saluja, Managing Director at Capricorn:

“Amanda is a leader engineering solutions to fuel the explosive growth and demand of the EV and grid storage industries at scale and at cost.”

Souce, Source

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