General Motors is investing in a battery materials startup working on next-generation lithium iron phosphate batteries in an effort to speed up development of lower-cost electric vehicles.
GM on Wednesday said it led a $60 million Series B funding round in Mitra Chem, a Mountain View, Calif., company focused on developing iron-based cathodes and getting products to market faster with machine-learning simulations. Mitra Chem also is working to create a supply chain that meets geographic sourcing requirements of the Inflation Reduction Act.
The collaboration between GM and Mitra Chem will focus on iron-based cathode active materials, such as lithium manganese iron phosphate, that could allow GM to bring the future battery chemistries into its Ultium-based EVs. Longer term, the companies said, their partnership will explore other next-generation iron-based formulas.