SANTA CLARA, Calif. – February 4, 2025 – Elevated Materials, a newly formed independent company, launched today with investments from TPG’s Rise Climate fund and Applied Materials, Inc. Building on extensive technology development from Applied, Elevated Materials brings to market revolutionary ultra-thin, uniform lithium films designed to enable the next generation of batteries with enhanced energy density, cycle life, and charge rates.

“Today’s battery market is under immense pressure to deliver improved battery performance and lower cost,” said Jim Cushing, CEO of Elevated Materials. “We are helping our customers solve these challenges with our differentiated roll-to-roll vapor deposition technology. Elevated Materials’ advanced lithium films maximize energy density and provide a cost-effective solution for gigawatt-hour scale production.”

Leveraging decades of materials engineering expertise and hundreds of patents, Elevated Materials’ technology represents a breakthrough in battery innovation that can be applied across graphite, silicon, and lithium metal anodes. With a significant equity investment from TPG Rise Climate, the dedicated climate investing strategy of global alternative asset management firm TPG, Elevated Materials is equipped to help advance better-performing, lower-cost electric vehicles, eVTOLs and e-aircraft, energy storage systems, and consumer electronics.

“Elevated Materials' expertise in thin film technology is a big step for next-generation batteries,” said Dr. Peter Lamp, Principal Expert Battery Cell Technology, BMW Group. “Its innovative solutions are key to overcoming challenges in energy density and anode-specific capacities, such as silicon oxide materials or lithium-metal. I am confident that Elevated Materials' technology has high potential to enhance lithium-ion cell performance and hence address a huge market.”

“Our deep understanding of the climate sector broadly, and green mobility supply chain specifically, has positioned us to uncover, carve-out, and scale breakthrough technologies like Elevated Materials,” said Jonathan Garfinkel, a Managing Partner of TPG Rise Climate. “Incubated inside Applied Materials, a proven leader in materials science, we believe Elevated Materials’ lithium film technology will play a key role in accelerating the electrification of energy, transportation, and other industries. We look forward to complementing Applied Materials’ world-class technology expertise with TPG’s business-building capabilities to accelerate and scale this new business to serve the world’s largest battery, auto, and aviation OEMs around the world.”

“At Applied Materials, we believe that materials engineering is a fundamental capability that has the power to transform industries and make possible a better future,” said Dr. Om Nalamasu, Chief Technology Officer and Senior Vice President, Applied Materials. “The launch of Elevated Materials is a testament to the creativity and dedication of our team, customers, and ecosystem partners in turning the vision of a next-generation energy economy into reality.”

Elevated Materials has offices in Santa Clara, Calif. and Alzenau, Germany. To learn more about how Elevated Materials is driving innovation with better materials for better batteries, please visit Elevated.inc.

About TPG Rise Climate

TPG Rise Climate is the dedicated climate investing strategy of TPG’s $25 billion global impact investing platform. TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals, the strategic relationships developed across TPG’s existing portfolio of climate-focused companies, and a global network of executives and advisors. The fund takes a broad-based sector approach to investment types, from growth equity to buyouts, and focuses on climate solutions in the following thematic areas: clean electrons, clean molecules and materials, and negative emissions. For more information, please visit www.therisefund.com/tpgriseclimate.

About Elevated Materials

Elevated Materials is at the forefront of battery innovation, delivering ultra-thin, uniform lithium films through our advanced vapor deposition process. Our lithium films unlock battery performance, enhancing energy density, lifespan and charge rates. Leveraging decades of materials engineering expertise and hundreds of patents, our technology can be applied across graphite, silicon, and lithium metal anodes and tailored to the customer's end-product needs. We empower electric vehicles, eVTOL aircraft, grid energy storage systems, and consumer electronics to achieve unparalleled performance and longevity. For more information, please visit Elevated.inc.