Battery materials startup Mitra Chem has raised $15.6 million of a deliberate $50 million funding spherical, in accordance with a regulatory submitting seen by TechCrunch.
Mitra Chem is creating supplies to make lithium-iron-phosphate (LFP) batteries retailer extra power. Automakers have begun to show to LFP in an try to trim prices from electrical automobile battery packs, which might make up a good portion of a automotive’s price.
At present, all LFP materials comes from exterior the US, with the overwhelming majority coming from China.
TechCrunch reached out to Mitra Chem for remark, however didn’t obtain an instantaneous reply.
The brand new funding spherical comes at a difficult time for battery startups. Gross sales of electrical automobiles (EVs) haven’t grown on the price some automakers and analysts had predicted.
Concurrently, the Trump administration and Congressional Republicans have mounted an assault on EVs and battery producers. The Home model of the reconciliation invoice would sundown EV tax credit in 2025 or 2026, relying on what number of EVs automakers have bought. The Senate has but to weigh in on the invoice.
Mitra Chem beforehand raised a $60 million Sequence B that closed in 2023. GM led the spherical, with In-Q-Tel, Social Capital, and others collaborating. Chamath Palihapitiya’s Social Capital led the startup’s $20 million Sequence A in 2021. South Korean battery supplies firm L&F Company is a possible participant within the new spherical, having invested $10 million in March, Korean Financial Day by day has reported.
The corporate was awarded a $100 million grant from the Division of Vitality final yr to construct a battery supplies plant in Michigan. In response to federal information, that award remains to be on the books however hasn’t but been paid out.
{content material}
Supply: {feed_title}
