Direct Lithium Extraction Tech Gets $25.5M Summit Push

Summit Nanotech Corp., the green lithium mining tech pioneer, has raised $25.5 million to advance and drive its direct lithium extraction (DLE) technology, denaLi™, to commercialization. The latest round of financing with participation from the likes of Evok Innovations, BDC Capital's Climate Tech Fund, Xora Innovation, and Capricorn Investment Group will see Summit transition from demonstration to bulk commercial deployment.

The lithium reserves of the world are under strain because of the increasing demand for electric vehicles (EVs). Summit is ready to meet this demand with its novel denaLi™ technology to enhance lithium recovery efficiency, sustainability, and cost-effectiveness. Its technology integrates water recycling, data analytics, and process automation through artificial intelligence, reducing the need for water while maximizing lithium recovery and extending sorbent life, and reducing the cost of production.

Summit's strategy is well-timed, as it capitalizes on growing demand for lithium and presents a cleaner solution to an industry plagued by pollution issues for decades. Besides the funding, Summit has already succeeded in proving out its technology, such as commissioning a demonstration plant in Chile, qualification of sorbents with a lithium miner, and development of a proprietary data analytics platform.

The new capital will further capitalize on the strengths of Summit and reinforce its partnerships with operators of lithium mines globally. The move will stabilize the supply and demand dynamics of the lithium sector and enable wholesome development of supply chains globally. By leveraging this technology, Summit can optimize the economics of lithium production without retaining any adverse environmental footprint and position itself as a frontrunner in the clean energy revolution.

Source: Summit Nanotech Corporation