Automaking giant General Motors is betting big on the future of electric vehicles by leading a $60 million investment round in low-cost battery manufacturer Mitra Chem, GMannounced Wednesday.
Mitra Chem’s batteries are developed from lithium iron phosphate chemistry, which could replace the expensive chemicals that have become synonymous with EV batteries over recent years.
While most LFP batteries on the current market are made in China, GM’s investment in the California-based Mitra Chem could see LFP battery production shift stateside.
Following the investment announcement, a GM executive said that Mitra Chem batteries may appear in the automakers’ car models by the end of the decade.
