Mitra Chem Announces First Close of $60 Million Series B Round Led by GM
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Mitra Chem is developing a portfolio of Iron-Based Cathodes for Tier-1 Automotive and Energy Storage Supply Chains
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Funding will be Used for Investing in Accelerating Commercialization and Scaling Partnerships
As part of the partnership with GM, Mitra Chem will develop iron-based cathode active materials (CAM) like lithium manganese iron phosphate (LMFP) to power affordable and accessible EV batteries compatible with GM's EV propulsion architecture, the Ultium Platform. GM's funding will enable Mitra Chem to scale its current R&D and pilot operations to expedite bringing their battery materials to market.
Mitra Chem has been at the forefront of battery technology research, focusing on developing sustainable and high-performance energy storage solutions.
- Mitra Chem's proprietary technology and development process shortens the lab-to-market timeline by >
90% . - Mitra Chem is one of the only companies taking a multi-faceted approach by combining R&D, machine learning acceleration, and manufacturing to supply battery materials to OEM and battery cell customers.
- Mitra Chem's battery R&D facility can synthesize and test thousands of cathode designs monthly, ranging in size from grams to kilograms – these processes drive significantly shortened learning cycles, enabling shorter time to market for new battery cell formulas.
- An "atoms-to-tons acceleration platform" powers Mitra Chem's lab, using simulations and physics-informed machine learning models to accelerate formulation discovery, cathode synthesis optimization, cell-lifetime evaluation and process scale-up. The in-house cloud platform, purpose-built for battery cathode development, automates data ingestion across diverse synthesis, material characterization, cell prototyping and standardized analyses and visualizations.
Lithium-ion batteries are one of the key platform technologies enabling electrification in transportation, and consumer electronics, along with residential, commercial, and grid-scale energy storage. Mitra Chem is positioned to disrupt the global production and supply chain of these vital battery materials and revitalize the North American battery supply chain industry.
The passage of the Inflation Reduction Act (IRA) has supercharged demand for
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.
"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
"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
The growing strategic relationship with GM will enable Mitra Chem to leverage GM's industry expertise and global reach, accelerating the development and commercialization of its iron-based cathode technology. The additional funding will go to scale current operations and support accelerating commercialization.
In addition to GM, other notable investors participating in the Series B funding round include incumbents such as Social Capital, Fontinalis Partners, Earthshot Ventures, The Keffi Group, Boutique Venture Partners, and new investors such as GS Futures, Bricks Capital Management, Zeon Ventures, Scribble VC, WovenEarth Ventures, Bonds Investment Group, and others. The involvement of these esteemed investors underscores the industry's recognition of Mitra Chem's groundbreaking technology and its potential to shape the future of battery energy storage with a focus on US-based production.
The involvement of both financial and strategic investors underscores the industry's recognition of Mitra Chem's groundbreaking technology and its potential to shape the future of battery energy storage with a focus on US-based production. In November 2021, the company completed a
About Mitra Chem
Mitra Chem is building the first North American lithium-ion battery materials product company that shortens the lab-to-production timeline by over
About GM
General Motors (NYSE: GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
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SOURCE Mitra Chem
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