SEOUL, March 19 (Yonhap/APP): South Korea’s LG Group has invested in Canadian lithium extraction company Summit Nanotech, as part of efforts to accelerate the group’s clean tech initiatives.
According to industry sources on Wednesday LG Technology Ventures recently participated in a Series A funding round for Summit Nanotech.
While the exact investment amount remains undisclosed, Series A investments typically range between 2 billion won (US$1.37 million) and 10 billion won.
Founded in 2018, Summit Nanotech utilizes lithium adsorption technology and data analytics to extract lithium, which it supplies to battery manufacturers and mineral resource companies.
The investment follows LG Technology Ventures’ previous Series A funding in ACT-ion, a clean tech firm specializing in the high-efficiency production of high-performance single-crystal cathode materials, late last year.