Currently, all LFP material comes from outside the United States, with the vast majority coming from China. Mitra Chem’s innovation, backed by both American automotive giants and smart capital, is positioning itself to break this dependency.
What is the news?
- Battery material startup Mitra Chem has raised $15.6 million of a planned $50 million funding round, developing materials to make lithium-iron-phosphate (LFP) batteries store more energy for electric vehicles.
- The company previously raised a $60 million Series B in 2023 led by GM, with participation from In-Q-Tel, Social Capital, and others. Chamath Palihapitiya’s Social Capital led their $20 million Series A in 2021.
Why is it interesting?
- This represents a critical India-US strategic opportunity led by Indian-origin talent – CEO and Co-Founder Vivas Kumar (Ex-Tesla) and CTO and Co-Founder Chirranjeevi Gopal (ex-Toyota Research) are building breakthrough battery technology alongside Chief Scientific Advisor William Chueh from Stanford.
- The $100 million Department of Energy grant for a Michigan plant shows how government backing meets private innovation. With Social Capital’s Chamath Palihapitiya’s early backing and GM’s strategic investment, Mitra is all set to shake things up in the battery space.
Read more: Mitra Chem is raising $50M for its cheaper, domestic battery materials