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December 18, 2024
The funding will support Mitra Chem's efforts to create, distribute, and market iron-based cathode materials developed in the United States in an effort to facilitate mass-market electrification for electric vehicles, energy storage systems, and other applications.
Date: August 21, 2023
Mountain View, United States- Mitra Future Technologies Inc., a Lithium-ion battery materials manufacturer reported the conclusion of a $40 million initial settlement of a $60 million Series B funding round managed by GM. The funding will support Mitra Chem's efforts to create, distribute, and market iron-based cathode materials developed in the United States in an effort to facilitate mass-market electrification for electric vehicles, energy storage systems, and other applications.
In accordance with the agreement with GM, Mitra Chem will create lithium manganese iron phosphate (LMFP), an iron-based cathode active material (CAM), to power affordable and widely available EV batteries that are compatible with the Ultium Platform, GM's EV propulsion architecture. With the help of GM's finance, Mitra Chem will be able to scale up its present R&D and pilot projects and hasten the commercialization of its battery materials.
The company today said it has additional requests for samples to cover the next year of production including nearly every global Tier 1 battery cell maker and multiple household name automotive OEMs.
Mitra Chem CEO and Co-Founder Vivas Kumar said, "GM's investment in Mitra Chem will not only help us develop affordable battery chemistries for use in GM vehicles but also will fuel our mission to develop, deploy and commercialize U.S. made, iron-based cathode materials that can power EVs, grid-scale electrified energy storage and beyond."
Gil Golan, GM Vice President, Technology Acceleration Commercialization said that, "This is a strategic investment that will further help reinforce GM's efforts in EV batteries, accelerate our work on affordable battery chemistries like LMFP and support our efforts to build a North America-focused battery supply chain. GM is accelerating larger investments in critical subdomains of battery technology, like cell chemistry, components and advanced cell production processes.”
Other notable investors taking part in the Series B funding round besides GM are new investors GS Futures, Bricks Capital Management, Zeon Ventures, Scribble VC, WovenEarth Ventures, Bonds Investment Group, and others as well as established investors like Social Capital, Fontinalis Partners, Earthshot Ventures, The Keffi Group, and Boutique Venture Partners. These prestigious investors' participation demonstrates how much the market values Mitra Chem's innovative technology and how it has the potential to influence battery energy storage in the future, with an emphasis on US-based manufacturing.
The business closed a $20 million Series A investment in November 2021, with the help of Taiwanese businessman Richard Tsai, Social Capital, and Chamath Palihapitiya as well as Fontinalis Partners, Boutique Venture Partners, Integrated Energy Materials, and Earthshot Ventures.
By providing consumer tax credits linked to the use of locally manufactured materials, the Inflation Reduction Act (IRA) has greatly increased demand for American-made battery materials. One of the few iron-based cathode producers in the United States, Mitra Chem, enables buyers of American-made electric vehicles to be eligible for the entire range of tax credits passed in the IRA.
About Mitra Chem
Mitra Chem has established the first North American manufacturer of lithium-ion battery materials, cutting the time from the lab to production by over 90%. The main platform technology enabling electrification in consumer electronics, transportation, and grid-scale energy storage is lithium-ion batteries. Iron-based cathodes for use in Western battery applications make up Mitra Chem's first product category.
About GM
Global automaker General Motors is committed to developing an inclusive, reachable all-electric future. The Ultium battery architecture, which powers everything from mass-market to high-performance automobiles, is at the core of this strategy. The brands of cars sold by General Motors, its affiliates, and joint venture partners include Chevrolet, Buick, GMC, Cadillac, Baojun, and Wuling.
