Mitra Chem Raises $20 M Series A to Fund Li-ion Battery Materials R&D

Highlights :

  • The Series A round was led by Social Capital, a California investment firm.
  • Mitra Chem plans to use the funds to invest in product R&D and expand North American pre-pilot production capacity.

Mitra Future Technologies (Mitra Chem), a North American producer of lithium-ion battery materials, has announced the completion of a $20 million Series A round that was led by Social Capital, a California investment firm. The firm plans to use the capital from the round to invest in product R&D and expand North American pre-pilot production capacity.

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Other participants include Taiwanese industrialist Richard Tsai, Fontinalis Partners, Integrated Energy Materials and Earthshot Ventures.

Lithium-ion batteries enable electrification in transportation, consumer electronics, along with residential, commercial, and grid-scale energy storage. Mitra Chem claims to be building the first North American lithium-ion battery materials product company that shortens the lab-to-production timeline by over 90%.

The firm’s first core product category is iron-based cathodes for non-Chinese battery applications. Iron-based cathodes shift away from the use of elements such as nickel and cobalt, which are facing imminent supply crunches in North America due to overconcentration of investment in China, which dominates the global production share of core battery materials.

Over 60% of existing global battery cathode manufacturing capacity and 80% of capacity in construction is located in China. Even as Tesla and other battery and electric vehicle companies move to lower cost and safer iron-based batteries such as lithium-iron-phosphate (LFP), 100% of industrialized iron-based cathode manufacturing occurs in China today.

“The impending threat of climate change requires a significant global ramp up of electrification across a wide range of carbon-based sectors. The lack of North American based production and distribution of key battery materials represents a significant gap in our ability to lead in climate innovation,” said Mitra Chem CEO and Co-Founder Vivas Kumar.

“Mitra Chem has the ability to upend the balance of power within the complicated global battery supply chain, supporting the explosion in electrification and disrupt the marketplace for these vital materials. We deeply appreciate the support from Chamath, Social Capital and our partners participating in the round, and look forward to continuing to drive innovation in a sector that is on the front lines of the fight against climate change,” he added.

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