Mitra Chem raises $60M for battery tech
Metal Tech News - November 8, 2023
Last updated 11/25/2023 at 8:54am
In-Q-Tel, GM, and TechMet support Series B financing for lithium battery cathode materials tech company.
In-Q-Tel, a strategic investor that connects the intelligence community for the United States and its allies to technological solutions, has joined General Motors, TechMet Mercuria, and others in supporting Mitra Chem's $60 million Series B round of financing to advance a battery materials platform that will curb the United States' reliance on other nations for its transition to clean energy.
Led by Vivas Kumar, an engineer who previously served as a senior manager on Tesla's battery team and as a principle of Benchmark Mineral Intelligence, Mitra Chem is a Silicon Valley-based battery materials tech company focused on shortening the lab-to-production timeline by over 90%.
Mitra Chem is currently focused on establishing commercial, domestic production of cathode materials for iron-based lithium batteries, which are considered necessary for alleviating the demand for nickel and cobalt that go into the cathodes of traditional lithium-ion batteries.
"Today's high energy density batteries demand large quantities of supply-constrained nickel and cobalt. Mitra Chem's proprietary machine learning-driven capabilities can significantly accelerate the lab-to-production timeline of alternative iron-based cathodes, benefitting the lithium-ion battery supply chain and supporting growing market demand for electric vehicle (EV) and grid electrification efforts," said Michael Falcon, an investment partner at In-Q-Tel.
Mitra Chem says its domestically produced lithium-iron-phosphate (LFP) and lithium-manganese-iron-phosphate (LMFP) cathode products offer superior safety features, reduced production costs, and cleaner sourcing compared to traditional lithium-ion cathode technologies.
Mitra Chem's proprietary machine learning technology is significantly speeding up the lab-to-production timeline, which will allow it to rapidly roll out new cathode materials tailored to the specifications of the growing number of clean energy storage and EV applications.
"Mitra Chem is not only assisting the U.S. strengthen domestic battery supply chains for today's LFP and LMFP cathodes but is also utilizing our in proprietary machine learning platform to develop and commercialize the next generation of materials that will power the batteries of tomorrow," said Kumar.
The $60 million in Series B funding will help Mitra Chem achieve its ultimate goal of establishing a platform technology for the commercial production of purpose-built iron-based cathode materials that meet the domestic battery materials sourcing requirements for EV tax credits and other incentives offered under the Inflation Reduction Act.
"With the support of IQT's investment, Mitra Chem is pushing to the forefront of U.S. battery materials production, ensuring U.S. energy security and technological self-sufficiency for decades to come," the Mitra Chem co-founder and CEO added.