MITRA CHEM WINS WORLD MATERIALS FORUM START-UP CHALLENGE

 Battery Materials Leader Triumphs in Significant Milestone

NANCY, France, July 10, 2023 /PRNewswire/ -- Mitra Future Technologies Inc. ("Mitra Chem"), a leading innovator in North American production of lithium-ion battery materials won the 2023 World Materials Forum Start-Up Challenge.

The World Materials Forum Start-Up Challenge serves as a global platform for forward-thinking start-ups to present their cutting-edge technologies and contribute to shaping the future of materials science. The selection committee was chaired by Victoire de Margerie and included industry leaders like Nick Stanage, Bernard Pinatel, Hartwig Michels, Tadeu Carneiro as well as academic leaders like Stéphane Mangin, Shirley Meng, Karim Zaghib, Bronwyn Fox, and Alberto Salleo. Competing against a highly talented pool of contenders, Mitra Chem's accelerated material development approach and their breakthroughs in next generation cathode material, earned them the highest honor of the event—the Grand Prix.

Mitra Chem would like to express sincere appreciation to the selection committee for recognizing their vision and the immense potential of their research.

"I would like to thank Victoire de Margerie and Philippe Varin as well as the entire selection committee of the World Materials Forum Start-Up Challenge for recognizing Mitra Chem as the Grand Prix winner this year. Their support has been invaluable in propelling Mitra Chem to this extraordinary achievement and joins us in recognizing the future of lithium-ion batteries for a sustainable world ."- Vivaswath Kumar, CEO and Co- Founder

Mitra Chem is a leader in innovating and commercializing iron-based cathode materials for mass-market electrification in transportation and energy storage. The company's proprietary machine learning advantage, based on pioneering research work by Professor Will Chueh at Stanford, is built on top of a state-of-the-art lab in Mountain View, California to enable the full design-build-test R&D cycle to be accelerated by 10x. Mitra Chem's unconventional approach takes materials through synthesis, metrology, cell building, cell testing all under one roof. Their goal is to bring battery materials products from the lab to market within a year. With their proprietary machine learning approach, we synthesized customer-relevant LFP powder in less than four months, and LMFP in six weeks of project kick off.

Mitra Chem's products are rapidly being recognized as the preferred cathode materials for lithium-ion batteries due to being safer, cheaper, and originating from cleaner supply chains than traditional nickel-rich solutions. Furthermore, the passage of the Inflation Reduction Act ("IRA") and Bipartisan Infrastructure Law ("BIL") has supercharged demand and provided funding for U.S.-made battery materials by offering consumer tax credits and grant money tied to domestically manufactured material usage. Mitra Chem stands out as one of the few U.S based manufacturers of iron based cathodes, enabling purchasers of U.S made electric vehicles to fully qualify for the comprehensive suite of tax tax credits provided by the IRA. Embracing the rising wave of electrification, Mitra Chem looks to seize the abundant market opportunities that lie ahead, positioning themselves at the forefront of innovation and capturing untapped potential.

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SOURCE Mitra Chem