Battery material startup Mitra Chem has raised $15.6 million of a planned $50 million funding round, according to a regulatory filing seen by TechCrunch.
Mitra Chem is developing materials to make lithium-iron-phosphate (LFP) batteries store more energy. Automakers have begun to turn to LFP in an attempt to trim costs from electric vehicle battery packs, which can make up a significant portion of a car’s cost.
Currently, all LFP material comes from outside the United States, with the vast majority coming from China.
TechCrunch reached out to Mitra Chem for comment, but did not receive an immediate reply.
The new funding round comes at a challenging time for battery startups. Sales of electric vehicles (EVs) haven’t grown at the rate some automakers and analysts had predicted.
Simultaneously, the Trump administration and congressional Republicans have mounted an assault on EVs and battery manufacturers. The House version of the reconciliation bill would sunset EV tax credits in 2025 or 2026, depending on how many EVs automakers have sold. The Senate has yet to weigh in on the bill.
Mitra Chem previously raised a $60 million Series B that closed in 2023. GM led the round, with In-Q-Tel, Social Capital, and others participating. Chamath Palihapitiya’s Social Capital led the startup’s $20 million Series A in 2021. South Korean battery materials company L&F Corporation is a likely participant in the new round, having invested $10 million in March, Korean Economic Daily has reported.
The company was awarded a $100 million grant from the Department of Energy last year to build a battery materials plant in Michigan. According to federal records, that award is still on the books but hasn’t yet been paid out.
