Stratus Materials Emerges from Stealth to Launch Next-Generation Cathode Materials
PITTSBURGH, February 07, 2023--(BUSINESS WIRE)--Stratus Materials Inc., a developer and manufacturer of next-generation cathode active materials for lithium-ion batteries, came out of stealth today. The company, previously operating as 33 Tech Inc., was founded in early 2022 to commercialize a set of highly promising, manganese-rich, cobalt-free cathode innovations by a team led by Dr. Jay Whitacre, a Carnegie Mellon University professor and serial entrepreneur.
For years, the lithium-ion battery industry has been seeking the performance and cost advantages of a high-manganese cathode chemistry, but these cathodes have faced persistent challenges with stability and cycling. Utilizing proprietary formulations and production processes, the Stratus Materials team has developed manganese-rich, zero-cobalt cathode materials that deliver outstanding functionality, energy density, stability, low cost, and input materials availability, overcoming the challenges that have hindered high-manganese systems to date. The company is focused on scaling the production of these novel cathode materials, which are being specifically targeted at light- and medium-duty electric vehicles as well as other applications with similar performance requirements.
Jay Whitacre, CEO & CTO of Stratus Materials, said: "Our innovative processes and materials are designed to provide the lithium-ion battery industry with cathode offerings that outperform best-in-class NMC cathode formulations on virtually every dimension, without relying on cobalt and with significantly less nickel and lithium per kilowatt-hour. We are extremely excited about engaging more broadly with potential customers and partners."
In mid-2022, the company completed a $12M Series A financing led by Breakthrough Energy Ventures (BEV) with participation from DNS Capital.
"Energy density, cost, materials availability, and safety are critical factors for a battery technology to enable full EV adoption and production," said Carmichael Roberts, Breakthrough Energy Ventures. "The Stratus Materials team has developed a set of cathode active materials that address and optimize each of these parameters, enabling EVs to scale to new levels."
Stratus Materials is currently producing its proprietary cathode active material at an early pilot-scale and is providing samples to a small group of potential initial customers. Representatives of the company will be attending the International Battery Seminar & Exhibit next month in Orlando, FL. Please contact the company at firstname.lastname@example.org for more information or to inquire about a meeting.
ABOUT STRATUS MATERIALS
Stratus Materials (www.stratusmaterials.com) is a U.S. based developer and manufacturer of next-generation cathode active materials for lithium-ion batteries. Our mission is to offer a highly compelling combination of performance, safety, cost, and environmental impact to leading battery manufacturers and their downstream OEM customers. Stratus is primarily focused on cathode solutions for light- and medium-duty electric vehicles and other applications with similar requirements.
ABOUT BREAKTHROUGH ENERGY VENTURES
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise.
BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
ABOUT DNS CAPITAL, LLC
DNS Capital is the investment office and internal merchant bank for the business interests of Gigi Pritzker, Michael Pucker, and their daughters. DNS Capital takes a long-term and flexible approach to investing by building relationships with business owners, management teams, and entrepreneurs to align interests, evolve businesses, and create lasting value with a sense of purpose and a sense of humor. To learn more about DNS Capital, please visit www.dnscap.com.
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Robyn Kennedy DeSocio