MOUNTAIN
VIEW, Calif., May 13, 2024
/PRNewswire/ -- Mitra Future Technologies, Inc. ("Mitra Chem"), a
pioneering innovator in North American lithium-ion battery
materials, today announced an investment from Alpha Wave Ventures
as part of the company's Series B funding round. As part of the
investment, Elan Frantz has joined the company's Board of
Directors. Alpha Wave joins other
distinguished investors in this round, such as General Motors,
Zeon, InQTel, Techmet-Mercuria, and GS Futures.
Rick Gerson, Co-Founder and Chairman of Alpha Wave Global,
is enthusiastic about the potential of this partnership, stating,
"Mitra Chem's has an innovative approach and commitment to scaling
new lithium-ion battery chemistries. We believe in Mitra Chem's
potential to drive significant change in the battery materials
industry, and are excited to support their continued growth."
Alpha Wave joins Mitra Chem
amidst several breakthroughs, with Mitra Chem recently announcing
its successful synthesis of multi-ton Lithium Iron Phosphate (LFP)
cathode powder samples that meet industry-leading electric vehicle
(EV) specifications. Mitra Chem aims to achieve mass production of
their iron-rich cathodes by 2026, paving the way for widespread
adoption of next-generation, IRA-compliant battery
technologies.
"We are thrilled to partner with Alpha Wave and to welcome
Elan to our Board," said Vivas Kumar, CEO and Co-Founder of Mitra
Chem. "The time for battery supply chain innovation in the U.S. is
now because of groundbreaking government policies such as the IRA
and BIL. Coupling these policies with private capital investors to
accelerate the speed to scale is what will define the winners in
the industry, and we're glad that Alpha
Wave chose to partner with us."
"Mitra Chem has the right approach at the right time, and I am
incredibly excited to join their Board," said Elan Frantz. "They've
proven themselves as great operators in the space and I'm really
looking forward to partnering with their management team. Together
we're going to continue to pave the way for battery materials
innovation in the battery industry."
About Alpha Wave Global:
Alpha Wave is a global investment
company that focuses on three main verticals: private equity,
private credit, and public markets. It is led by Rick Gerson, Navroz
Udwadia, and Ryan Khoury.
Alpha Wave has offices in
New York, Miami, London, Monaco, Madrid, Abu
Dhabi, Tel Aviv,
Bangalore, and Sydney. Its flagship global venture and growth
fund, Alpha Wave Ventures, aims to invest in best-in-class
growth-stage companies and endeavors to be helpful long-term
partners to the founders and management teams. For more
information, please visit www.alphawaveglobal.com.
For media inquiries, please contact:
Jonathan Gasthalter –
jg@gasthalter.com
About Mitra Chem
Mitra Chem is building the first U.S. Inflation Reduction
Act-compliant lithium-ion battery materials product company that
shortens the lab-to-production timeline by over 90%. Lithium-ion
batteries are the key platform technology enabling electrification
in transportation, consumer electronics, along with residential,
commercial, and grid-scale energy storage. Mitra Chem's first
product category is iron-based cathodes for Western battery
applications. Mitra Chem takes cathode products from lab to
industrial scale faster than the competition by leveraging an
in-house artificial intelligence technology advantage to
dramatically shorten the R&D timeline. The company's goal is to
transform the cathode from a specialty chemical to a platform
technology that differentiates cell performance by end application.
In the short term, the company remains focused on scaling
IRA-compliant LFP and LMFP cathodes for the growing U.S.
market.
For media inquiries, please contact:
press@mitrachem.com
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SOURCE Mitra Chem