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

Nov 23, 2021 12:43 PM ET
  • The Series A round was led by Social Capital, a California investment company.
  • Mitra Chem prepares to use the funds to invest in item R&D as well as expand North American pre-pilot manufacturing capability.

Mitra Future Technologies (Mitra Chem), a North American producer of lithium-ion battery products, has announced the conclusion of a $20 million Series A round that was led by Social Capital, a California investment company. The firm intends to utilize the capital from the round to invest in item R&D and broaden North American pre-pilot manufacturing capacity.

Various other participants include Taiwanese industrialist Richard Tsai, Fontinalis Partners, Integrated Energy Materials as well as Earthshot Ventures.

Lithium-ion batteries enable electrification in transportation, consumer electronics, together with property, business, as well as grid-scale energy storage. Mitra Chem claims to be building the very first North American lithium-ion battery materials product firm that shortens the lab-to-production timeline by over 90%.

The firm's first core item classification is iron-based cathodes for non-Chinese battery applications. Iron-based cathodes shift away from making use of aspects such as nickel and cobalt, which are encountering brewing supply grinds in North America because of overconcentration of investment in China, which controls the global manufacturing share of core battery products.

Over 60% of existing international battery cathode production capability and 80% of ability in building lies in China. Also as Tesla as well as other battery as well as electric vehicle firms transfer to reduce cost as well as much safer iron-based batteries such as lithium-iron-phosphate (LFP), 100% of industrialized iron-based cathode manufacturing occurs in China today.

"The approaching threat of climate modification requires a significant worldwide increase of electrification throughout a wide variety of carbon-based industries. The absence of North American based production and distribution of essential battery materials stands for a substantial gap in our capacity to lead in climate innovation," said Mitra Chem CEO and also Founder Vivas Kumar.

"Mitra Chem has the ability to upend the balance of power within the challenging worldwide battery supply chain, supporting the surge in electrification as well as disrupt the market for these vital products. We deeply appreciate the support from Chamath, Social Capital as well as our companions participating in the round, and expect continuing to drive advancement in a sector that gets on the cutting edge of the fight versus climate modification," he added.