Cleantech Company Summit Nanotech Closes US$14M Series A Round to Advance Sustainable Lithium Extraction
Mar 01, 2022
• Global deep tech impact investors, Xora Innovation (Singapore), Capricorn’s Technology Impact Fund (Palo Alto), BHP Ventures (Melbourne), invest to support the scale-up and expansion of Summit’s denaLi™ DLE platform
March 01, 2022 09:30 AM Eastern Standard Time
CALGARY, Alberta--(BUSINESS WIRE)--Summit Nanotech Corporation, a leader in sustainable lithium extraction, announced today the closing of a Series A investment round of US$14M, co-led by Xora Innovation (an early-stage deep tech investing platform of Temasek) and Capricorn’s Technology Impact Fund, along with BHP Ventures. Funds will be used to advance the commercialization of Summit Nanotech’s technology.
“We’re fortunate to now be joined by an exceptional group of experienced investors, headquartered on three continents and with truly global reach. They 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.”
At the core of Summit’s offering is its award-winning denaLi™ DLE platform, which leverages advanced nanomaterials and employs proprietary processes to make lithium extraction cleaner and more efficient. Summit’s technology is addressing the critical supply constraints and sustainability requirements to meet the surge in lithium demand due to the increased pace of adoption of electric vehicles and renewable energy.
Summit’s denaLi™ 1000 m3/day modular units are designed to double yield, reduce climate pollution, minimize the use of chemicals and freshwater, and cut waste by 90% compared to traditional lithium extraction methods, driving global ESG standards. Their denaLi™ H technology is also being developed to recover lithium from battery recycling streams to support the circular economy.
“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,” said Amanda Hall, CEO and Founder of Summit. “We’re fortunate to now be joined by an exceptional group of experienced investors, headquartered on three continents and with truly global reach. They 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.”
“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,” said Phil Inagaki, Managing Director of Xora Innovation.
Dipender Saluja, Managing Director at Capricorn Investor Group said, “We have backed some of the most revered entrepreneurs in the world, transforming industries with technologies that lead innovation. At Summit, Amanda is a leader of this calibre. She is breaking paradigms in the lithium industry, building a world-class, high-performance team of mavericks, poised to deliver radically engineered solutions needed to fuel the explosive growth and demand of the EV and grid storage industries at scale and at cost.”
Cecilia Dos Santos Claro, R&D Leader at Allkem (formerly Orocobre) stated, “At Allkem, our success is built on pillars of sustainability, cost leadership, customer focus, product quality and growth. As an established brine producer, our strategy is to remain competitive on these metrics by driving innovation, continually evaluating new opportunities, and supporting the development of new technologies such as Direct Lithium Extraction being developed by Summit Nanotech Corp. 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.”
ABOUT XORA INNOVATION
Xora Innovation invests in disruptive, world-changing ventures forged by ambitious founders and powered by compelling scientific breakthroughs. Headquartered in Singapore, Xora is an early-stage deep tech investing platform of Temasek.
ABOUT CAPRICORN’S TECHNOLOGY IMPACT FUND
The Technology Impact Fund (TIF) is a venture capital partnership that invests in companies developing and scaling novel engineering-based solutions to climate change and other global challenges. TIF’s investment process is grounded in comprehensive perspectives on long-term, global trends in technology, transportation, power, storage, efficiency, semiconductors, aerospace, sensors, earth data and analytics. TIF is an early investor in iconic companies including Tesla, Joby Aviation, SpaceX, QuantumScape, Redwood Materials, Planet Labs, Saildrone, Nuvia and Innovium.
Capricorn Investment Group is an investment firm founded to demonstrate that it is possible to invest profitably while driving sustainable positive change. Capricorn manages about $7B in assets for investors who strive for extraordinary investment results by leveraging market forces to accelerate large-scale impact. Learn more at www.capricornllc.com
ABOUT BHP VENTURES
BHP Ventures is the in-house venture capital arm of BHP, seeking investments in potential game-changing emerging technologies and management teams to help drive innovation within BHP today and provide a valuable portfolio of potential growth options for the decades ahead.
ABOUT SUMMIT NANOTECH
Summit Nanotech Corporation, founded in 2018 by geophysicist Amanda Hall, has developed direct lithium extraction (DLE) processes to economically and sustainably unlock lithium resources globally. Summit’s recent awards include the Solar Impulse Foundation's Efficiency Label, involving a rigorous assessment of environmental and economic sustainability, and Hall’s Women in Cleantech $1M CAD grand prize win for Leading Female Innovator in Canada by MaRS and NRCan.