Mitra Chem Announces $20 Mn Series A Funding

Mitra Future Technologies Inc., announced the completion of a $20 million Series A round.

November 17, 2021. By News Bureau

Mitra Future Technologies Inc., announced the completion of a $20 million Series A round.

Mitra Chem was co-founded by Taiwanese-American William Chueh, who is concurrently an Engineering Professor at Stanford University in California. 

The round was led by Social Capital, a leading California investment firm run by Chamath Palihapitiya. Other participants include Taiwanese industrialist Richard Tsai, Fontinalis Partners, Integrated Energy Materials and Earthshot Ventures.

Lithium-ion batteries are the key platform technology enabling electrification in transportation, consumer electronics, along with residential, commercial, and grid-scale energy storage.

Mitra Chem is positioned to disrupt the global production and supply chain of these vital battery materials, and revitalize the North American battery supply chain industry. Mitra Chem is building the first North American lithium-ion battery materials product company that shortens the lab-to-production timeline by over 90%.

Mitra Chem's first core product category is iron-based cathodes for non-Chinese battery applications. Iron-based cathodes shift away from the use of elements such as nickel and cobalt, which are facing imminent supply crunches and overconcentration of investment in China. 

China dominates the global production share of core battery materials, and the North American market is facing imminent threats of supply shortages without localization and reshoring efforts.

Over 60% of existing global battery cathode manufacturing capacity and 80% of capacity in construction is located in China. Even as Tesla and other battery and electric vehicle companies move to lower cost and safer iron-based batteries such as lithium-iron-phosphate (LFP), 100% of industrialized iron-based cathode manufacturing occurs in China.

Weak manufacturing capacity in the North American battery supply chain represents not only a geopolitical and national security risk but also threatens the long-term domestic scalability of EVs and other energy storage products.

"The impending threat of climate change requires a significant global ramp up of electrification across a wide range of carbon-based sectors. The lack of North American based production and distribution of key battery materials represents a significant gap in our ability to lead in climate innovation." said Mitra Chem CEO and Co-Founder Vivas Kumar.

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