Vancouver-based Evok Innovations and BDC Capital’s Climate Tech Fund led the round, with LG Technology Ventures among the participants. The company will use the funding to reach full-scale commercial production of its technology, which extracts lithium necessary for batteries. (The Logic)

Talking point: The round comes amid growing geopolitical interest in securing critical minerals for industries like automotive, defence and semiconductors. China has traditionally been the main global lithium supplier, but announced earlier this year that it would curb exports of technologies used to directly extract the element. The company is hoping to “strengthen international supply chains,” the press release said, by driving down lithium costs and tracking water usage with artificial intelligence.