GM Invests In Mitra Chem, Accelerating Development Of Affordable Batteries

General Motors Company GM has led the $40 million first close of $60 million Series B funding in Mitra Chem, a Silicon Valley-based, AI-enabled battery materials innovator.

Other investors participating in the Series B funding round include incumbents such as Social Capital, Fontinalis Partners, Earthshot Ventures, The Keffi Group, Boutique Venture Partners, among others.

GM's funding will enable Mitra Chem to scale its current R&D and pilot operations to expedite bringing its battery materials to market.

Mitra Chem's AI-powered platform will help accelerate GM's commercialization of affordable electric vehicle batteries. With the development, GM is leading a Series B financing round in Mitra Chem.

Also Read: Fisker Joins The Club - Adopts Tesla's Supercharger Network

"This is a strategic investment that will further help reinforce GM's efforts in EV batteries, accelerate our work on affordable battery chemistries like LMFP and support our efforts to build a U.S.-focused battery supply chain," said Gil Golan, GM vice president of Technology Acceleration and Commercialization.

GM and Mitra Chem will develop advanced iron-based cathode active materials (CAM), like lithium manganese iron phosphate (LMFP), to power affordable and accessible EV batteries compatible with GM's EV propulsion architecture, the Ultium Platform. 

"GM is accelerating larger investments in critical subdomains of battery technology, like cell chemistry, components and advanced cell production processes. Mitra Chem's labs, methods and talent will fit well with our own R&D team's work," Golan added.

Price Action: GM shares are trading lower by 1.16% to $32.92 on the last check Wednesday.