Mitra Future Technologies Inc., a leading innovator in North American production of lithium-ion battery materials, announced that TechMet-Mercuria has invested in its current Series B round and will act as Mitra Chem’s exclusive lithium chemicals procurement agent. The investment by TMM and the other participants in the Series B, including GM, will fuel Mitra Chem’s mission to develop, deploy, and commercialize US-made iron-based cathode materials in an effort to enable mass-market electrification for electric vehicles, energy storage solutions, and beyond.
“We are very excited about the opportunity to become a part of the Mitra Chem team. They are engaged in groundbreaking work for the EV world, and together, we are reducing dependence on critical mineral supply chains originating in China,” said TechMet Chairman and CEO Brian Menell.
TMM is a joint venture incorporated in Switzerland between TechMet and Mercuria. TMM combines TechMet’s track record in critical minerals investment for western supply chains and Mercuria’s position as a world-leading commodities trader making them an ideal investor for Mitra Chem and shows the strength of their combined supply chain access.
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“TechMet-Mercuria’s involvement in our investment round, combined with their commitment to acting as our exclusive lithium procurement agent, is a testament to our strategic alignment and shared missions. Their proven expertise positions them as an ideal fit for Mitra Chem, and we are very excited about this promising collaboration,” stated Vivas Kumar, CEO and Co-founder of Mitra Chem. “They will fit into the ecosystem coalition we are building around getting US-made IRA-compliant materials at scale with both upstream and downstream partnerships.”
This announcement comes on the heels of Mitra Chem’s completion of a $40 million first close of a $60 million Series B funding round led by GM Ventures. This investment will help GM and Mitra Chem develop iron-based cathode active materials like lithium manganese iron phosphate to power affordable and accessible EV batteries compatible with GM’s EV propulsion architecture, the Ultium Platform. GM’s funding will enable Mitra Chem to scale its current R&D and pilot operations while helping accelerate the development and commercialization of next generation cathode materials for the western battery materials market.
SOURCE : PRNewswire