Mitra Chem is raising $50M for its cheaper, domestic battery materials

Battery material startup Mitra Chem has raised $15.6 million of a planned $50 million funding round, according to a regulatory filing seen by TechCrunch.

Mitra Chem is developing materials to make lithium-iron-phosphate (LFP) batteries store more energy. Automakers have begun to turn to LFP in an attempt to trim costs from electric vehicle battery packs, which can make up a significant portion of a car’s cost.

Currently, all LFP material comes from outside the United States, with the vast majority coming from China.

TechCrunch reached out…