GM backs EV battery startup as it shifts future focus to cheaper materials

General Motors is investing in a Silicon Valley startup to help it speed development of a more affordable battery chemistry for its future electric vehicles, the company said on Wednesday. GM will lead a $60 million investment in Mitra Chem, a two-year-old Mountain View, California, company that uses artificial intelligence to accelerate development of lithium-ion battery materials. Mitra Chem will help the automaker develop advanced iron-based cathode active materials such as lithium manganese iron phosphate (LMFP) that could be used in some of GM's next-generation Ultium batteries after 2025.