Founder Spotlight
We share our members’ achievements; the challenges they overcame, and the advice they want female entrepreneurs everywhere to know.
Empowered by
Meet Amanda Hall, Founder, and CEO of Summit Nanotech. An award-winning startup that develops core technologies to accelerate the global transition to clean energy.
We met with Amanda virtually. We enjoyed every bit of her transparency and willingness to share how she went from an idea as an experienced geophysicist to having her sights on raising a $100M Series B.
We began the interview by asking about Summit Nanotech’s mission
“Not many people know this, but there are 60% more greenhouse gasses admitted when making a battery for an electric vehicle than the motor for a combustion engine vehicle. That means you have to drive an EV for two years before you reach parity with a combustion engine vehicle. The problem lies with the value chain. The process of removing lithium from the ground and adding it to a battery not only generates greenhouse gasses but is incredibly energy-intensive, using fresh water and producing a large quantity of waste. Summit Nanotech focuses on solving the problem with a low-energy process that will extract lithium without using freshwater. Our technology is on route to Chile right now, but it took overcoming several stumbling blocks to open everyone's mind to the impossible being achievable.“
How did you transition from working as a geophysicist to becoming a CEO?
My goal was to help solve the climate crisis. After years of being part of the oil and gas sector and drilling heavy oil wells, I wanted to make a change I wanted to take all of the knowledge and experience I gained from the fossil fuel sector and realign it with my values. I decided to lean into a new industry, one that promoted the sustainable energy transition and supported electromobility. To begin, Iinterviewed customers in the mining space and asked about what was lacking with the existing process. I wanted to know what they needed to achieve their sustainability goals. After identifying central problems with lithium mining, I set out to build a team and create a technology to solve those challenges.
Can you tell us about the journey to scale your business?
I have to say that it’s been a challenge! The more people you bring in the more complexity you layer into your company. One of our mandates is to view every person in the company as a leader. We're not just extracting lithium, we are developing future generations of impact makers. Having that as one of our core purposes is as important to me as working on how our technology functions in the field. We established a sound corporate culture package of credos and values. When looking for candidates, we look for people that hold the same values. We have started a subsidiary in Chile, and it’s the first time for us to hire from outside of the border. Building the global vision - with oil and gas in Canada is very different from other cultures and regulations. I hold the title of Leading Female Innovator of Canada.It’s pretty exciting to be an ambassador of Canada in an international space. Having that credibility really does open doors.
How many team meetings are you having a week? How do you care about momentum?
This one is always ever-changing.
We start every Monday with gratitude. I think grounding the team in real human connectedness at the beginning of the week is really important because it's the way we build our culture. We all get together, and every person in the company talks about what they're grateful for? Questions like that get us talking; it's the way we nail our culture to the floor. It’s important to remember that we're not just machines doing jobs. We're actually humans who have hopes and dreams.
How does winning the MaRS Women In Cleantech Challenge help the company?
The program was great! When we first signed up, they assigned us, mentors, provided us $800,000 in cash and in-kind support, and they gave us access to a government lab to develop our technology.
MaRS took us all over the US and put us on stages, connecting us with investors and strategic partners. This program made Summit Nanotech what it is now. I was lucky to have the opportunity to work hard and get into the program because hundreds of people applied, but only six companies were selected. I worked diligently over those three years, and we were fortunate enough to win first place.
What are the main challenges you face as a female founder?
I remember I invited a capital advisor to join our pitch session so that he could give us tips on what we did or did not do well. It was me and Kelly, my VP of Technology pitching. Following the hour-long pitch, the capital advisor remarked, “I have never seen such unprofessional behavior from a VC in my life!” He said, “You guys were ambushed. You were attacked!” Kelly and I looked at each other perplexed? We didn’t understand what he was talking about.
For us, every pitch sounded like that. We are used to being stripped to nothing. Investors are constantly trying to prove that we don't know what we're doing. However, we handle it with grace and know that we are setting precedence for future generations of women. We know if we hold our own then it will be easier for subsequent women to show up to these pitches and be treated differently.
Do you have any specific EDI strategies within the company?
I believe in the philosophy: If you don't measure it, it doesn't matter. So, we make sure to measure EDI. I actually look at the numbers and aim to reach 50/50 men versus women. I am not just building an equal opportunity company, I'm building an equal outcome company. Diversity of thought also matters to me. We build our team with people with different cultures, experiences, and backgrounds. We are purposefully tying it into the fabric of our company.
What are your next steps for Summit Nanotech?
We closed a financing round in December, right around the same time that I won one million dollars from the Women in Cleantech Challenge. It was a 14 million USD Series A round, which was amazing. We are currently in preparation for a 100 Million USD Series B.
What is the one thing that keeps you on track in terms of daily routines?
I am a runner, and so I have one hour booked off in my calendar every day at noon to go for a run. I am trying to model to my team that physical health and mental health are important aspects of leading a company.
Piece of advice to our network:
I would say be humble and recognize that organizations like the CWN know more than you do. Lean in on these programs to receive good advice, guidance, and helpful information. I remember sitting down with someone from CWN last year and asking how best to compensate my staff because I had no idea. Receiving their advice was crucial as this allowed me to confidently allocate resources to a team that was very important to me while also ensuring that we had enough budget to operate. The women at CWN are great!
If you’d like to be considered for our CWN Founder Spotlight, please reach out to Armita Maroufi, Partnership Manager at CWN, and share more about your company.
