TechMet-Mercuria Participated in the $60 Million Series B, led by GM
TechMet-Mercuria will Serve as Exclusive Lithium Procurement Agent for Mitra Chem
MOUNTAIN VIEW, Calif., Sept. 13, 2023 — Mitra Future Technologies Inc. (“Mitra Chem”), a leading innovator in North American production of lithium-ion battery materials, today announced that TechMet-Mercuria (“TMM”) has invested in its current Series B round and will act as Mitra Chem’s exclusive lithium chemicals procurement agent. The investment by TMM and the other participants in the Series B, including GM, will fuel Mitra Chem’s mission to develop, deploy, and commercialize US-made iron-based cathode materials in an effort to enable mass-market electrification for electric vehicles, energy storage solutions, and beyond.
“We are very excited about the opportunity to become a part of the Mitra Chem team. They are engaged in groundbreaking work for the EV world, and together, we are reducing dependence on critical mineral supply chains originating in China,” said TechMet Chairman and CEO Brian Menell.
TMM is a joint venture incorporated in Switzerland between TechMet and Mercuria. TMM combines TechMet’s track record in critical minerals investment for western supply chains and Mercuria’s position as a world-leading commodities trader – making them an ideal investor for Mitra Chem and shows the strength of their combined supply chain access.
“TechMet-Mercuria’s involvement in our investment round, combined with their commitment to acting as our exclusive lithium procurement agent, is a testament to our strategic alignment and shared missions. Their proven expertise positions them as an ideal fit for Mitra Chem, and we are very excited about this promising collaboration,” stated Vivas Kumar, CEO and Co-founder of Mitra Chem. “They will fit into the ecosystem coalition we are building around getting US-made IRA-compliant materials at scale with both upstream and downstream partnerships.”
This announcement comes on the heels of Mitra Chem’s completion of a $40 million first close of a $60 million Series B funding round led by GM Ventures. This investment will help GM and Mitra Chem develop iron-based cathode active materials (CAM) like lithium manganese iron phosphate (LMFP) to power affordable and accessible EV batteries compatible with GM’s EV propulsion architecture, the Ultium Platform. GM’s funding will enable Mitra Chem to scale its current R&D and pilot operations while helping accelerate the development and commercialization of next generation cathode materials for the western battery materials market.
About TechMet
TechMet Limited is a leading technology metals investment company with a portfolio of assets that responsibly produce, process, and recycle the metals that are critical to the global energy transition and the electric vehicle revolution. Current assets in the TechMet portfolio include lithium extraction from both brine and hard rock sources, nickel and cobalt hydroxide production from laterite ores, vanadium chemical production from waste feedstocks, rare earth production and processing, tin and tungsten mining, lithium-ion battery recycling, and high performance cathode manufacturing. TechMet’s major shareholders include the U.S. International Development Finance Corporation (DFC) and the global energy and commodity group Mercuria. www.techmet.com
About Mercuria
Established in 2004, Mercuria is one of the world’s largest independent energy and commodity groups, revolutionizing the commodity value chain through technology, expertise, and low-carbon solutions. The company has firmly positioned itself as a leader in the energy transition, with over 50 percent of its new investments directed towards renewables and transitional energy. Mercuria has made substantial contributions to projects such as renewable power, energy storage, grid optimization, critical transition minerals recycling, and environmental products, showcasing its dedication to a sustainable future.
About Mitra Chem
Mitra Chem is building the first North American lithium-ion battery materials product company that shortens the lab-to-production timeline by over 90%. Lithium-ion batteries are the key platform technology enabling electrification in transportation, consumer electronics, along with residential, commercial, and grid-scale energy storage. Mitra Chem’s first product category is iron-based cathodes for Western battery applications. Iron-based cathodes shift away from the use of elements such as nickel and cobalt, which are facing imminent supply crunches. Mitra Chem takes cathode products from lab to industrial scale faster than the competition by leveraging an in-house machine learning technology advantage to dramatically shorten the R&D timeline. The company’s goal is to transform the cathode from a specialty chemical to a platform technology that differentiates cell performance by end application.
About GM
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety and security services, can be found at https://www.gm.com.
SOURCE Mitra Chem
