To make its Ultium EV program a success, GM is counting on battery innovations to make the technology simpler and cheaper. As part of that program, the automaker has boosted its investment with Mitra Chem —a company focused on building batteries in the US using iron-based cathodes — via a new $60 million financing round.
"This is a strategic investment that will further help reinforce GM’s efforts in EV batteries, accelerate our work on affordable battery chemistries like LMFP and support our efforts to build a US-focused battery supply chain,” said GM VP Gil Golan.