Battery materials startup Mitra Chem has raised $15.6 million toward a planned $50 million funding round, according to a regulatory filing, as it seeks to strengthen its position in the domestic supply of lithium-iron-phosphate (LFP) battery components.
The California-based firm is focused on developing next-generation LFP cathode materials with improved energy density. The chemistry has become increasingly attractive to automakers aiming to reduce the cost of electric vehicle battery packs. Despite rising demand, nearly all LFP supply currently originates outside the United States, with China dominating the global market.
The company’s latest capital injection comes during a cooling period for electric vehicle sales and greater political scrutiny of clean energy programs. Recent legislative proposals could scale back federal support for EVs and related industries, adding uncertainty to the market outlook.
Mitra Chem previously closed a $60 million Series B round in 2023, led by General Motors with participation from In-Q-Tel and Social Capital. The firm’s Series A in 2021 was led by Social Capital. South Korea’s L&F Corporation, which invested $10 million in March, is expected to contribute to the ongoing round, according to Korean Economic Daily reports.
In addition to private funding, the company was awarded a $100 million grant by the U.S. Department of Energy to build a battery materials plant in Michigan. Public records indicate the grant remains active but has not yet been disbursed.