Mitra Future Technologies Inc., a US-based lithium-ion battery materials company also known as Mitra Chem, has announced a significant investment from Alpha Wave Ventures 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, California, Mitra Chem specializes in the development of iron-based cathode materials aimed at facilitating widespread electrification in transportation and energy storage 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 General Motors, 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.
