Mitra Chem, a battery material startup, has successfully raised $15.6 million in a regulatory filing as part of a larger $50 million funding round. The company is focused on improving lithium-iron-phosphate (LFP) batteries to enhance energy storage, amid rising interest from automakers aiming to reduce electric vehicle (EV) costs. Currently, all LFP materials are sourced overseas, predominantly from China. The startup's efforts come at a time when EV sales are stagnating and facing political challenges, particularly around proposed legislation affecting EV tax credits. Mitra Chem, supported by a previous $60 million funding and a $100 million Department of Energy grant, emphasizes domestic production in Michigan despite ongoing delays in grant disbursal.
Mitra Chem has raised $15.6 million in a funding round aiming for $50 million, focused on developing lithium-iron-phosphate battery materials amid EV market challenges.
Mitra Chem aims to develop lithium-iron-phosphate materials to improve energy storage in EV batteries, addressing cost challenges faced by automakers reliant on these materials.
With EV sales not meeting expectations and political challenges looming, Mitra Chem's push for domestic battery material production via recent funding and grants is crucial.
Despite a $100 million grant from the Department of Energy, Mitra Chem faces hurdles, as the EV market struggles with uncertain growth forecasts and political opposition.
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