TechCrunch Startup News Mitra Chem is raising $50M for its cheaper, domestic battery materials
Jun 11, 2025
Mitra Chem is making waves with its innovative approach to lithium-iron-phosphate (LFP) batteries. They’ve recently secured $15.6 million in funding to enhance battery efficiency, tackling the challenges of the volatile electric vehicle market. The discussion also highlights potential legislative changes affecting EV incentives and how these could shape the future of battery startups. Expect insights into the fast-evolving landscape of battery materials and the push for cheaper, domestically sourced options.
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MitraChem's Energy Storage Edge
- MitraChem focuses on improving lithium iron phosphate (LFP) batteries to store more energy.
- All current LFP materials come from outside the U.S., mostly China, highlighting a strategic supply gap.
Challenges for Battery Startups
- Battery startups face challenges like slower EV sales and political headwinds against EV incentives.
- EV tax credits may expire soon, complicating market growth and battery startup funding.
Strong Funding and Support
- MitraChem raised $60M in a 2023 Series B with GM leading, showing strong industry support.
- They won a $100M DOE grant for a plant in Michigan, reinforcing their role in domestic battery materials production.