Mitra Chem secures investment from Alpha Wave Ventures

Mitra Future Technologies, Inc., a pioneering innovator in North American lithiumion 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 has an innovative approach and commitment to scaling new lithiumion 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.”