South Korean battery materials producer L&F Corporation announced plans to invest KRW14.5bn (US$10m) in its US partner Mitra Future Technologies Inc, also known as Mitra Chem, as it steps up plans to enter the US electric vehicle (EV) battery supply chain.
L&F confirmed it will make the investment as part of Mitra Chem’s forthcoming Series B-1 funding round, as it looks to strengthen its partnership with the US company ahead of the expected introduction of new import tariffs by the new US government.
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Mitra Chem, established in 2021, raised US$70m in a previous funding round in 2023, including from US automaker from General Motors, and was awarded a US$100m grant from the US Department of Energy in 2024.
The company plans to establish a production operation for lithium iron phosphate (LFP) battery cathode materials for the North American electric vehicle (EV) and energy storage system (ESS) markets and is currently carrying out large-scale testing of LFP materials with potential customers, as well as developing next-generation LFP materials.
Both L&F and Mitra Chem are currently scheduled to begin production of LFP cathode materials in the US in 2027.
L&F’s chief financial officer, Ryu Seung-heon, said in a statement: “During a local due diligence review in January, we confirmed Mitra Chem’s technological capabilities and facilities. By leveraging L&F’s mass production experience and Mitra Chem’s local procurement abilities and networking, we will enter the US market swiftly and securely.”
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