Mitra Gets $40 Mln In Series B Funding Led By GM

(RTTNews) - Mitra Future Technologies Inc, a producer of lithium-ion battery materials, announced on Wednesday that it has secured $40 million out of $60 million in a series B funding round led by General Motors Co (GM).

This investment will help Mitra to develop, deploy and commercialize U.S.-made iron-based cathode materials. The company expects this to enable mass-market electrification for electric vehicles, and energy storage solutions, and scale its current R&D, expediting its battery materials to market.

With funding from GM, Mitra Futures will develop iron-based cathode active materials like lithium manganese iron phosphate to power EV batteries that are compatible with the architecture of GM's EV propulsion.

"The growing strategic relationship with GM will enable Mitra Chem to leverage GM's industry expertise and global reach, accelerating the development and commercialization of its iron-based cathode technology. The additional funding will go to scale current operations and support accelerating commercialization." GM said.

Mitra stated that it has additional requests for samples to cover the next year of production including nearly every global Tier 1 battery cell maker and multiple household name automotive OEMs.

Additionally, other investors include Social Capital, Fontinalis Partners, Earthshot Ventures, and The Keffi Group, to name a few have participated in the series B funding round.

Previously, Mitra has completed a $20 million Series A round led by Social Capital and Chamath Palihapitiya along with Taiwanese industrialist Richard Tsai, Fontinalis Partners, and more. Currently, shares of GM are trading at $33.04 down 0.78% on the New York Stock Exchange.