Shulou(Shulou.com)11/24 Report--

CTOnews.com, August 17 (Xinhua) General Motors is leading a round B financing of $60 million (CTOnews.com) in Mitra Chem, a battery materials start-up, which is expected to help GM make more economical and accessible electric vehicle batteries for its cars in the future, according to foreign media TechCrunch.

At present, most batteries are made of nickel and cobalt, and with the gradual depletion of related resources, prices are gradually going up. As part of GM's strategic investment with Mitra Chem, the two sides will develop advanced "iron-based cathode active materials" as new batteries to provide "compatible battery power" for GM's electric vehicle architecture Ultium.

According to CTOnews.com, the Ultium is GM's new electric vehicle platform, which also includes a "new battery design" that GM claims to be the "foundation of its electric vehicle program" and will play a role in a range of future all-electric models.

Mitra Chem said its lab is supported by an "atom-to-ton acceleration platform" that uses "simulation and physical machine learning" to accelerate research and development of battery formulations and to assess battery life and other related work at the same time.

Vivas Kumar, CEO and co-founder of Mitra Chem, said:

GM's investment in Mitra Chem will not only help us develop economical battery chemicals for General Motors, but will also drive us to develop, deploy and commercialize a range of iron-based cathode materials that can power electric vehicles, electrified energy storage and other areas and boost future industry development.

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