According to a CNBC report on August 16th, General Motors announced that it is leading a $60 million Series B financing round in Mitra Chem, an AI battery material startup. Mitra Chem is dedicated to developing low-cost batteries for electric vehicles.
Headquartered in Silicon Valley, California, Mitra Chem is actively developing a new type of battery based on Lithium Iron Phosphate (LFP) chemistry. Because LFP batteries do not contain expensive minerals like cobalt and nickel, their cost is lower than standard lithium-ion batteries, making them of great interest to electric vehicle manufacturers. It's reported that automakers such as Tesla, Rivian, and Ford have all incorporated LFP batteries in their more affordable models.
In practice, LFP batteries have proven to be highly durable in electric vehicles. However, they do have a drawback - their power density is lower than standard batteries. This means electric vehicles require more LFP batteries to achieve the range of comparable models using traditional batteries. This subsequently increases the weight of the battery pack and the vehicle.
Moreover, most LFP batteries currently on the market are produced by Chinese companies, posing a challenge for automakers aiming to manufacture electric vehicles that comply with US subsidy conditions.
Mitra Chem is researching Lithium Manganese Iron Phosphate (LMFP), a hybrid of LFP and Lithium Manganese Phosphate (LMP), which can enhance the battery's power density while maintaining LFP's cost advantage. Mitra Chem employs an "AI-driven platform", which significantly accelerates the process of experimenting with new battery chemistries, facilitating the discovery of optimal formulations.
Vivas Kumar, CEO of Mitra Chem, remarked in a press conference before the announcement, "Our battery material research department can synthesize and test thousands of battery cathode designs monthly, ranging in size from a few grams to several kilograms. These processes have significantly shortened the R&D cycle, thus reducing the time it takes for new battery formulations to hit the market."
Gil Golan, GM's Vice President in charge of fast-tracking new electric vehicle technologies to the market, stated that General Motors is intensifying its focus on potential breakthroughs in battery technology. "Mitra Chem's labs, methods, and talent align seamlessly with the work of our own R&D team." Golan expressed that if Mitra Chem succeeds, its batteries might appear in General Motors' cars before 2030.
General Motors did not disclose specific details of their investment in Mitra Chem.
