Summit Advances Direct Lithium Extraction Tech with $25.5M

• The demand for electric vehicles is surging beyond the available lithium supply.
• Investors are confident that Summit’s technology will deliver more competitively priced lithium to the market and help balance supply and demand.

Sustainable lithium extraction technology provider Summit Nanotech Corporation (“Summit”) has raised $25.5 million in funding to expand and commercialise its direct lithium extraction (DLE) technology, denaLi™.

The financing round saw participation from investors, including Evok Innovations, BDC Capital’s Climate Tech Fund, Xora Innovation, and Capricorn Investment Group. The money raised will help Summit move from the demonstration phase to full-scale commercial deployment.

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Summit's denaLi™ technology makes lithium extraction more sustainable, greener and efficient by integrating water recycling, data analytics, and AI-driven process control. Some of its advantages include reducing water usage, maximising lithium recovery, extending sorbent lifespan, improving reliability, and reducing production costs.

The company aims to make lithium extraction more economical and sustainable, and meet the growing industry demand, as well as reinvigorate international supply chains.

Summit has taken several initiatives in this context: in Chile, it commissioned a demonstration plant, completed sorbent qualification tests with a lithium mining company, and established a proprietary data analytics platform.

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Amanda Hall, Founder and CEO, said: "This funding comes at a pivotal time for Summit as we strengthen our strategic partnerships and transition from demonstration to full-scale commercial design. We are ready to provide our industry-leading solution to lithium mining companies who want to maintain a strong focus on economics and environmental responsibility."

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Source: Summit