<ul><li>Battery material startup Mitra Chem has raised $15.6 million out of a planned $50 million funding round to develop materials for lithium-iron-phosphate (LFP) batteries.</li><li>Automakers are turning to LFP batteries to reduce electric vehicle battery pack costs, as the current LFP material supply is mostly from China.</li><li>The startup faces challenges as the EV market growth has not met expectations, and there are legislative threats to EV tax credits in the U.S.</li><li>Mitra Chem previously raised funding from notable investors, and they have received a $100 million grant from the Department of Energy for a battery materials plant in Michigan.</li></ul>

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

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