Summit Lithium CEO on surviving the startup 'valley of death'

Amanda Hall still remembers the eleven words that nearly stopped her company before it started: "Why are you doing this? It's too big for you."

That was eight years ago, when the geophysicist first pitched a plan to extract and refine lithium more sustainably. On Thursday, she told a Startupfest crowd in Montreal that those words became fuel. Her company, Summit Lithium Technologies, has raised over $100 million CAD and operates in four countries.

"Choose something so big and meaningful that it attracts others to join your journey," Hall said.

Founded in 2018, Calgary-based Summit Lithium (formerly Summit Nanotech) designed a patented system that uses nanotechnology to isolate lithium more efficiently. The metal is in high demand for rechargeable batteries in electric vehicles, renewable energy storage, and data centers.

"Every major car company in the world is making electric vehicles, and renewable energy storage and data centres are consuming lithium-ion batteries like crazy," Hall said. "This is a huge opportunity."

Hall's keynote opened ImpactFest, a sub-event at Startupfest focused on investing in companies that create social and environmental good. Hosted by CIVIC, a national coalition of impact investors, the event centered on how investing in ventures that contribute to social equity and sustainability doesn't have to come at the expense of returns.

Traditional lithium extraction involves drilling a well, bringing saltwater to the surface, and letting impurities evaporate and disperse to isolate the lithium – a process that causes environmental damage. Summit Lithium uses particles that pull lithium out of the solution, leaving the rest underground.

The company first went to mining sites in South American countries like Chile and Argentina to commercialize its tech, partnering with local governments and large mining companies – even Albemarle Corporation, the world's largest lithium extractor.

Then came the "valley of death," a common phrase for the phase where emerging businesses struggle to scale. Summit was too big for venture capital but too small for private equity. "Imagine a canyon with huge, giant walls, and you're sitting at the bottom, and the air is pressing down on you, and you're exhausted, and there's 100 people following you through this valley," Hall said.

Getting through it required leaning on customers and partners whose trust the company had earned. Cap table support was crucial. "The best investors will be shock absorbers, not shock enhancers," Hall said. She noted this stage is also where competition falls away.

In 2025, Summit Lithium made the Global Cleantech 100 list, which showcases private cleantech companies poised to make a substantial impact in the next five to 10 years.

"My warning is this: if you haven't built strong communication and trust with customers, partners, and your investors, you'll be screwed when you get to the valley of death," Hall said.

For traders tracking the lithium space, Summit's trajectory offers a lens into how extraction technology is evolving. The company's ALB stock page shows Albemarle's Alpha Score at 69/100, a Moderate rating in the Basic Materials sector. The partnership between a startup and the world's largest lithium extractor signals that incumbents are watching the technology shift closely.