Chair Capital Signs Strategic MOU With Syntropic Power to Back US Sodium-Ion Energy Storage Manufacturing

We are pleased to announce that we have signed a Memorandum of Understanding (MOU) with Syntropic Power™, establishing a strategic funding partnership of up to USD 105M to support the scale-up of its US-based sodium-ion battery manufacturing platform.

The MOU sets out a structured roadmap for milestone-based capital deployment across three tranches, supporting Syntropic Power and its manufacturing arm Electrotech Industries, Inc.™ from US manufacturing capacity activation through cell supply security and certification execution. It positions the company for accelerated growth as it scales its prismatic sodium-chromium-oxide (NCO) battery platform across utility, data centre, and defence markets.

Syntropic Power sits at the critical intersection of energy transition, data infrastructure, and AI, three of our core investment focus areas. The company's technology addresses a critical gap in the US energy storage market by enabling long-life storage with inherent resistance to thermal runaway, within a domestic manufacturing strategy designed to support future non-FEOC qualification. Syntropic has built an engaged commercial pipeline of over 100 GWh across utility-scale, data centre, commercial and industrial, and critical infrastructure markets. Cell-level UL 9540A testing is complete, third-party validation through Rochester Institute of Technology's ISO 17025-accredited lab has demonstrated strong early performance results, and system-level certification activities with Black & Veatch are advancing through 2026.

Stuart Livingstone, our COO, commented:

"Syntropic Power represents exactly the kind of transformative cleantech business we seek to support. Their sodium-oxide energy storage platform, built with prismatic sodium-oxide cells, sits at the critical intersection of energy transition, data infrastructure, and US industrial policy, three of our core investment focus areas. The structured MOU we've signed establishes clear milestones across three funding tranches and provides the framework needed to attract additional investment. Syntropic Power's ability to unlock domestic, inherently safer storage for high-demand applications, particularly for AI data centre resilience and defence microgrid applications, demonstrates both the scalability and strategic importance of their solution. We're excited to support their manufacturing scale-up and commercialisation journey."

Phillip Martin, Founder and CEO of Syntropic Power, added:

"This MOU is an important step toward Syntropic Power's purpose: helping communities access safe, sustainable power without forcing compromise. Chair Capital's combination of committed capital, investment architecture expertise, and understanding of high-energy-demand markets aligns with where our technology is headed and the scale of opportunity in front of us. With cell-level safety testing complete, encouraging third-party validation results from RIT, and an engaged pipeline of over 100 GWh, we are positioned to convert U.S. industrial policy tailwinds into long-term value for customers and investors alike."

We expect to complete diligence with Syntropic Power over the coming months, with the goal of finalising a Series A manufacturing scale-up financing and establishing a long-term strategic partnership.

About Syntropic Power

Syntropic Power is a Cary, North Carolina-based energy storage company commercialising safety-first, high-performance sodium-ion systems built with prismatic sodium-chromium-oxide (NCO) cells and designed for long-life stationary storage at scale. Through its US-based manufacturing arm, Electrotech Industries, Inc., Syntropic is developing a product line for utility-scale storage, data centre resilience, commercial and industrial applications, telecom and critical infrastructure, and select residential backup. The platform is engineered for long asset life, passive thermal management, reduced augmentation needs, and durable performance in high-utilisation energy storage applications. Syntropic's validation pathway includes completed cell-level UL 9540A testing, third-party validation through Rochester Institute of Technology's ISO 17025-accredited lab, and system-level certification and bankability review activities, including Black & Veatch in 2026.