US Firm Mitra Future Technologies Secures Investment from Alpha Wave Ventures

Credit: John Guccione/Pexels

Mitra Future Technologies Inc., a US-based -ion battery materials company also known as Mitra Chem, has announced a significant investment from as part of its ongoing Series B funding round.

The details of the investment, including financial terms, were not disclosed. However, the investment grants Alpha Wave Ventures a seat on Mitra Chem's board, as stated in a press release issued on Monday.

Headquartered in Mountain View, , Mitra Chem specializes in the development of iron-based cathode materials aimed at facilitating widespread electrification in transportation and sectors. Notably, the company recently achieved a breakthrough in synthesizing multi-ton samples of Lithium Iron Phosphate (LFP) that meet the specifications required for electric vehicles (EVs). Mitra Chem aims to commence mass production of its iron-rich cathodes by 2026.

Mitra Chem's Series B funding round, targeting proceeds of USD 60 million (EUR 55.5 million), has seen significant participation from various investors. Earlier, the round was led by US automotive giant , with its initial close occurring in August. Prior to Alpha Wave Ventures, Mitra Chem had secured investments from other US-based entities such as IQT and TechMet-Mercuria (TMM), a joint venture headquartered in Switzerland.

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