Clean mining tech startup raises US$14m in Series A round co-led by Temasek unit

[NEW YORK] Capricorn's Technology Impact Fund and Temasek's Xora Innovation co-led a US$14 million Series A funding round in Summit Nanotech, the startup said on Tuesday (Mar 1).

BHP Group's venture capital unit BHP Ventures also joined the round. Funds will be used to help commercialise Summit's technology.

The startup says its processes make for cleaner and more efficient mining in lithium, the metal used in electric-vehicle batteries.

Summit is tapping into an accelerating race among mining heavyweights and automakers to control more supplies of raw materials that are key to transitioning to low-carbon energy sources.

Investors are pressing miners to ensure that battery metals including lithium, nickel and cobalt are produced ethically and in an environmentally friendly way amid a global push to reduce pollution in worldwide economies.

The Calgary-based startup also plans to raise at least US$100 million in Series B funding by the end of this year or early next year and has already engaged in talks with 3 automakers, according to founder and chief executive officer Amanda Hall. BLOOMBERG