General Motors Co GM, joining others in the rush to develop secure, more advanced, and affordable battery production technology, invested in Mitra Chem, an “AI-enabled battery materials innovator” aiming to revolutionize EV battery production.
What happened: GM’s investment in Mitra Chem is a strategic move to commercialize its EV battery production and drive down prices.
The Detroit-based automaker said it is the lead investor in a Series B funding round for the Silicon Valley startup, with the primary aim of co-developing iron-based cathodes and other cell chemistries, according to Electrek.
While GM committed significant resources to transition to EV production and establish expansive battery manufacturing facilities in North America, much of the investment has leaned more towards large-scale cell production.
Startups like Mitra Chem are diving into research and development, employing new technologies to rapidly scale new battery chemistries, the report said.
Mitra Chem’s approach, which involves using simulations and physics-informed machine learning models, can reportedly shorten the lab-to-production battery timeline by over 90%. With GM’s investment, Mitra Chem is aiming to hasten the production of innovative battery cell formulas.
Vivas Kumar, Mitra Chem’s co-founder and CEO, said GM’s investment would not only enhance battery chemistry development for GM vehicles but would also advance the company’s broader mission.
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How Does It Compare To Toyota’s Recent Announcement? GM’s move comes on the heels of a game-changing announcement from Toyota Motor Corp TM, another industry giant. In June, Toyota announced a technological breakthrough, which according to the company could halve the weight, size and cost of batteries. The potential advancement in battery technology suggests an enhancement in charging durations and overall driving range for EVs.
Toyota’s development centers around solid-state batteries, a technology touted as transformative for the EV sector. According to prior Benzinga reporting, solid-state batteries could drastically reduce charging times, increase capacity and lessen fire risks when compared to traditional lithium-ion batteries that utilize a liquid electrolyte.
Toyota’s innovation could be instrumental in bolstering the company’s standing in the EV market, potentially narrowing the gap with frontrunners like Tesla Inc TSLA.
Both GM and Toyota are making strides in the EV battery landscape, each with its approach and direction. While GM’s investment in Mitra Chem focuses on commercializing and diversifying battery production using AI technologies, Toyota’s advancements aim to reimagine the foundation of EV battery technology.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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