Calgary-based lithium extraction company closes multi-million dollar funding round, highlighting Alberta’s next-generation energy industry

Summit Nanotech, an Albertan green tech organization founded in 2018 made headlines in the Calgary Herald recently after closing a second round of investment funding totalling $67 million.

Chris Varcoe, a columnist covering all things Canadian energy for the Calgary Herald reported on the win for Summit Nanotech the same day the company announcement was made and interviewed CEO and founder Amanda Hall for the column.

Varcoe also named Eavor Technologies as an up-and-comer in the green energy field, which has surprising (to some) momentum in the mecca of Canadian oil and gas that is Alberta.

Like Eavor, Summit Nanotech is capitalizing on the intricate knowledge and experience gleaned from the oil and gas industry in order to facilitate the energy transition. Hall has over 15 years of experience as a geophysicist in the oil and gas sector, and is now carving out a space for Summit Nanotech in a world heavily reliant on green energy storage.

As detailed in Varcoe’s article, Canadian efforts to meet greenhouse gas emission and net-zero targets mean higher demand for lithium, a key component in rechargeable batteries. And senior partner of BDC Capital’s climate tech fund Cheri Corbett said “Summit has the right technology to ensure that lithium mining is done both in a responsible and a sustainable manner.”

To read the full article by Chris Varcoe, click here.

Despite the proven growth and success of the green-tech industry in Alberta, the conversation around the energy transition isn’t all positive. According to the provincial government, in 2020 oil and gas employed 5.9% of the population, with many rural communities relying heavily on oilpatch employment.

Oilsands advocates like Alex Epstein and similar pro-oil sentiments resonate loudly with the countless Albertans still reeling from the industry fluctuations of the past decade. Rightfully so, there is growing concern that the energy transition will leave skilled oilfield workers behind and in turn, damage the provincial economy.

But companies like Eavor and Summit Nanotech are changing the conversation. By not only utilizing knowledge of drilling and geological conditions, but also existing infrastructure and technology, greentech companies are highlighting the need for experienced oil and gas experts.

The cost of learning has already been paid in Alberta when it comes to drilling and resource extraction. And that cost is not for nothing – catapulting the cleantech sector off the “shoulders of giants,” as described by Hall, is vital to continuing Canada’s and Alberta’s reputation as energy leaders in a future dedicated to zero emissions and clean green energy for all.

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