Battery materials startup Mitra Chem has raised $15.6 million for a planned $50 million funding round, according to regulatory filings seen by TechCrunch.
Mitra Chem develops materials to store more energy in lithium iron-phosphate (LFP) batteries. Automakers have begun to rely on LFPs in an attempt to cut costs from battery packs in electric vehicles.
Currently, all LFP materials come from outside the US, with the majority coming from China.
TechCrunch contacted Mitra Chem for comment but did not respond immediately.
New funding rounds are a challenging time for battery startups. Electric vehicle (EV) sales are not growing at a rate predicted by some car manufacturers and analysts.
At the same time, Republicans in the Trump administration and Congress are attacking EVs and battery makers. Depending on the number of EVs sold by the automaker, the house version of the settlement bill will provide a Sunset EV tax credit in 2025 or 2026. The Senate has not weighed the bill yet.
Mitra Chem previously raised a $60 million Series B, which was closed in 2023. GM led the rounds in In-Q-Tel, Social Capital and more. Chamath Palihapitiya’s social capital led the startup’s $20 million Series A in 2021. South Korean battery materials company L&F Corporation reports that it is likely to take part in a new round that invested $10 million in March.
The company was awarded a $100 million grant last year by the Department of Energy to build a battery material plant in Michigan. Federal records show that the award is still in the book but has not yet been paid.