Mountain View, Calif.-based Mitra Future Technologies, a North American producer of lithium-ion battery materials, announced the completion of a $20 million Series A fundraising round. 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.
Mitra Chem is building the first North American lithium-ion battery materials product company that shortens the lab-to-production timeline by more than 90 percent.
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 imminen
