Mitra Chem has raised $15.6 million so far in a planned $50 million funding round, according to a fresh SEC filing seen by TechCrunch.
The startup makes materials to boost energy storage in lithium-iron-phosphate (LFP) batteries. Automakers are pushing LFP to cut EV battery costs, which remains a huge part of vehicle expenses.
Right now, all LFP materials come from overseas, mostly China. Mitra Chem tries to bring that supply chain onshore. 
TechCrunch reached out to Mitra Chem for comment but got no immediate response.
The funding round lands at a tough time. EV sales aren’t firing as fast as hoped. Plus, the political climate is hostile. The House’s reconciliation bill plans to end EV tax credits around 2025-26, depending on how many EVs sellers hit. The Senate hasn’t acted yet.
Mitra Chem previously closed a $60 million Series B in 2023. That round was led by GM, with In-Q-Tel and Social Capital also involved. Chamath Palihapitiya’s Social Capital led a $20 million Series A in 2021. South Korean battery materials giant L&F Corporation reportedly pumped $10 million in March for this new round, according to Korean Economic Daily.
Last year, Mitra Chem scored a $100 million Department of Energy grant to build a battery materials plant in Michigan. The grant is still official but not yet funded, per federal records.
