General Motors (GM) looks to further commercialize its EV battery production and lower prices by investing in Mitra Chem – a startup described as an “AI-enabled battery materials innovator.” Today, GM announced it is the lead investor of a Series B funding round supporting the Silicon Valley-based battery company.
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The Biden administration today announced that it’s closed a $2.5 billion loan for Ultium Cells, a joint venture between GM and South Korean battery maker LG Energy Solution. The loan will go toward financing the construction of new lithium-ion battery cell factories in Ohio, Tennessee, and Michigan.
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Ultium Cells will invest $275 million in its Spring Hill, Tennessee, battery plant to expand EV battery cell output by 40%. The new expansion will help fuel GM’s aggressive EV strategy as it ramps production.
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GM has confirmed a $2.3 billion investment in partnership with LG Energy Solutions to build a new battery cell gigafactory in Tennessee.
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GM is about to announce a new massive battery cell gigafactory in the US in partnership with LG Energy Solutions, according to industry sources.
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