GM's latest investment could speed development of cheaper EV batteries

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. Mitra Chem is more of a battery development company than a manufacturer. It uses AI to "simulate, synthesize and test thousands of cathode designs monthly, ranging in size from grams to kilograms," the press release states.