"General Motors Makes Major Investment in EV Battery Startup, Focusing on Cheaper Materials"

General Motors is leading a $60 million financing round in Mitra Chem, a California-based startup focused on developing lower-cost batteries for electric vehicles (EVs). Mitra Chem is working on new types of batteries based on lithium iron phosphate chemistry, which eliminates the need for expensive minerals like cobalt and nickel, making them more affordable. While LFP cells have lower power density than standard cells, Mitra Chem is adding manganese to increase power density while retaining the cost advantage. If successful, these batteries could be used in GM vehicles in the future.