GM Invests In Mitra Chem, Accelerating Development Of Affordable Batteries
Portfolio Pulse from Nabaparna Bhattacharya
General Motors (GM) has led a $40 million first close of a $60 million Series B funding round in Mitra Chem, an AI-enabled battery materials innovator. The investment will help Mitra Chem scale its R&D and pilot operations, and accelerate GM's commercialization of affordable electric vehicle batteries. GM and Mitra Chem will develop advanced iron-based cathode active materials to power affordable and accessible EV batteries compatible with GM's EV propulsion architecture, the Ultium Platform.
August 16, 2023 | 4:23 pm
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GM's investment in Mitra Chem will accelerate the development and commercialization of affordable EV batteries, which is a strategic move for GM's EV propulsion architecture. However, GM shares are trading lower by 1.16%.
GM's investment in Mitra Chem is a strategic move to accelerate the development of affordable EV batteries, which is crucial for GM's EV propulsion architecture. This could potentially boost GM's position in the EV market. However, despite this positive news, GM shares are trading lower, which indicates a negative short-term impact on the stock.
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