Mitra Future Technologies Inc. (Mitra Chem), a manufacturer of lithium-ion battery materials, has received an undisclosed investment from Alpha Wave Ventures as part of the company's Series B funding round.

This investment follows the company's recent successful synthesis of multi-ton Lithium Iron Phosphate (LFP) cathode powder samples that meet industry EV specifications. Mitra Chem aims to begin mass production of its cathodes by 2026.

Analyst QuickTake: This investment follows Mitra raising USD 40 million in a Series B funding round in August 2023 . The company intended to use the funds to scale up its R&D and pilot operations and move toward commercializing its cathodes. Furthermore, Mitra partnered with GM, the lead investor, to develop CAM such as lithium manganese iron phosphate (LMFP) for the latter’s EV propulsion architecture, the Ultium Platform.