Battery materials firm Mitra Chem attracts Alpha Wave as new backer

US lithium-ion battery materials firm Mitra Future Technologies Inc, or Mitra Chem, announced it has received an investment from Alpha Wave Ventures as part of its Series B funding round.

The bet, the financial terms of which were not disclosed, gave Alpha Wave one seat on Mitra Chem’s board, a press statement said on Monday.

Mountain View, California-based Mitra Chem develops iron-based cathode materials to enable mass-market electrification in transportation and energy storage. The company recently successfully synthesised multi-ton Lithium Iron Phosphate (LFP) samples that meet electric vehicle (EV) specifications and aims to achieve mass production of its iron-rich cathodes by 2026.

According to a previous announcement, Mitra Chem's Series B round targets USD 60 million (EUR 55.5m) in proceeds. The funding round was led by US automotive giant General Motors and had its first close in August. Before Alpha Wave, Mitra Chem also got investments from US-based IQT and TechMet-Mercuria (TMM), a joint venture incorporated in Switzerland between TechMet and Mercuria.

(USD 1 = EUR 0.926)

Choose your newsletter by Renewables Now. Join for free!