On January 18, 2023, Summit Nanotech Corporation successfully closed a $67 million (US$50 million) Series A2 funding round, aimed at addressing lithium supply chain challenges sustainably. The Series A2 was led by Evok Innovations and BDC Capital’s Climate Tech Fund, with participation from previous investors such as Xora Innovation and Capricorn Investment Group. New climate-focused funds, including Volta Energy Technologies, NGP, Helios Climate Ventures, and The Grantham Foundation, also joined the round.

The raised capital will support the expansion of Summit's global resource base and the scaling of Canadian manufacturing capabilities. This new funding builds on a $17.64 million (US$14 million) Series A from early 2022, bringing the total funding since inception to $90.72 million (US$72 million).

CEO and Founder Amanda Hall emphasized that the funds would enable Summit to advance to the next stage of commercialization, aiming to develop the "lithium mine of the future." Summit Nanotech is currently piloting a multi-client project in Chile and plans to scale its denaLiTM DLE technology into 2023. The technology is designed to meet the growing demand for lithium in the electric vehicle market and support the global energy transition towards decarbonization.

Evok Innovations and BDC Capital highlighted the importance of Summit’s technology in addressing global lithium needs with a scalable, cost-effective, and environmentally friendly approach, contributing to significant greenhouse gas reductions and helping Canada achieve its 2030 and 2050 climate targets.