Summit Nanotech
Location: Calgary, Alberta VC Investor: Evok Innovations Company URL: summitnanotech.com
Strategic Importance: Critical mineral supply (lithium), environmental innovation, jobs and economic impact
Lithium is a critical mineral used in battery technology, to power everything from smartphones to electric vehicles to industrial-scale energy storage.
Calgary-based Summit Nanotech is sustainably extracting lithium from brine – a waste byproduct of oil and gas production.
Their patented direct lithium extraction (DLE) process is a low-emission system that can economically recover over 96% of lithium, while recycling up to 95% of the water used.
Summit Nanotech is representative of a rapidly growing number of Alberta companies that have leveraged Alberta’s expanding Venture Capital (VC) ecosystem. As a result, they are moving from demonstration projects to commercial-scale deployments.
96-99%
Lithium Recovery
96-99%
Impurity Rejection
“Alberta has the chance to lead the world not just in traditional energy, but in how critical minerals are developed responsibly.”
Born and Scaled in Alberta
Alberta provides the ideal foundation for Summit’s growth, according to CEO and founder Amanda Hall.
“Alberta’s energy sector DNA – the same expertise that built the province’s oil and gas sector – is now being applied to the next generation of extraction technology.”
Hall says this is due to an abundance of skilled trades, engineering talent, and fabrication partners needed to scale globally. The provincial focus on clean technology, critical minerals, and energy transition also aligns squarely with their mission.
Private Capital Propels Innovation
The province’s ongoing effort to attract VC investment is paying dividends. Summit’s growth has been supported by Evok Innovations, which has invested $15M USD in the Alberta startup company to date.
“Venture Capital enables seismic shifts by allowing higher-risk capital to support emerging opportunities. In turn, companies such as ours can grow to shape the future economy,” Hall says.
A GoA Success Story
Alberta Enterprise Corporation (AEC) is a limited partner in Evok’s fund. AEC’s fund-of-funds model ensures that Venture Capital is available to scale Alberta technologies with global potential, while leveraging private sector discipline and expertise.
Meanwhile, Summit Nanotech is driving clean technology development and job creation in Alberta’s energy sector, while diversifying the province’s economic base.
