January 19, 2023 by
Cindy Wang
Summit Nanotech, which uses advanced nanomaterial in a process to extract lithium from brine water, will announce Wednesday it has closed a US$50 million (C$67 million) fundraising round, led by Vancouver-based Evok Innovations and BDC Capital.
“It really does allow us to accelerate our growth faster than we had originally expected, which is super important because the customer demand for our technology is so high,” Summit founder and CEO Amanda Hall said in an interview.
Founded in 2018 by Hall, a former oilpatch geophysicist, Summit has previously closed a Series A round of US$14 million.
“It’s the right CEO focusing on the right problem at the right time,” says Marty Reed, partner at Evok Innovations.