L&F invests $10 million in Mitra Chem to produce LFP battery materials in US
March 25, 2025
L&F Co, a South Korean electric vehicle battery materials supplier to Tesla Inc., reportedly plans to invest $10 million in Mitra Chem, a lithium-ion battery materials manufacturer based in Mountain View, California, USA. This investment aims to support domestic production in line with the country’s ‘Made in America’ initiative.
L&F announced the acquisition of 1.3 million preferred shares of Mitra Chem for 14.5 billion won ($10 million), securing a 3.3% stake in the company.
LFP is a widely used, cost-effective cathode material for lithium-ion cells. L&F Co intends to use Mitra Chem as a base to manufacture lithium iron phosphate (LFP), in the United States. The two companies aim to start mass production of LFP in 2027.
“We checked Mitra Chem’s technology and LFP production site through due diligence in the US in January,” said L&F Chief Financial Officer Ryu Seung-Heon. “We plan to enter the US market quickly and stably with L&F’s mass production experience, Mitra Chem’s local sourcing capabilities and our customers and partners there.”
