ImpactAlpha, January 19 — The scramble is on to commercialize sustainable lithium, which can overcome a major obstacle to the wholesale transition to electric vehicles (see, “EnergyX and its rivals raise resources for the race for sustainable lithium”).
Summit Nanotech, along with Energy Exploration Technologies and other companies, use membrane, filters or other methods to efficiently extract lithium from brine. Canada-based Summit says its process is cost effective and minimizes the use of chemicals and freshwater. The woman-led company re-injects brine back into the earth post-extraction.
Summit Nanotech has raised $50 million to scale a pilot project in Chile with several clients.
Summit’s technology “addresses the growing global need for lithium with a rapidly scalable, low-cost and environmentally friendly approach, which can unlock value in a wide variety of high-volume brines,” said Nanika Chaubey of Evok Innovations, which was lead investor in the Series A round with BDC Capital’s Climate Tech Fund.
Other investors in the round include Capricorn Investment Group through its technology impact fund, the Grantham Foundation and Helios Climate Ventures. Summit has raised $72 million to date.