Michigan-based battery startup Our Next Energy (ONE) closes $300 million Series B funding round. The three-year-old company's valuation now stands at $1.2 billion. One is delivering prototype versions of its Aries I battery pack to several companies for testing.
Our Next Energy (ONE), a Michigan-based battery firm, announced on Wednesday that it has completed a $300 million Series B investment round, bringing the three-year-old business’s valuation to $1.2 billion.
Our Next Energy is now among the most valuable privately held battery companies in the country according to the most recent round, which was led by investors Franklin Templeton and Fifth Wall.
According to Chief Executive Mujeeb Ijaz, ONE is providing prototype versions of its Aries I battery pack to various businesses for testing, and it plans to start producing Aries II lithium iron phosphate cells at a new factory in Van Buren Township in southeast Michigan next year.
EV Battery Manufacturer One (Our Next Energy)
According to Ijaz, the plant’s capacity will start off at about 2 gigawatt-hours and increase to 10 GWh by 2026 and 20 GWh by 2027. In addition to having a prototype line for the company’s dual-chemistry Gemini cells, which ONE plans to start manufacturing in 2026, the facility will eventually create Aries II packs.
According to Ijaz, depending on consumer demand, the business is debating whether to construct a second building on the Van Buren site and whether a second location is necessary.
ONE is also in talks with possible North American battery raw material suppliers, which might help the business and its clients benefit from the Inflation Reduction Act’s benefits.
Temasek, Coatue, Riverstone Holdings, AI Capital Partners, and Sente Ventures are a few of the investors in the most recent round.
These are the types of investors, according to Ijaz, who are more concerned with the century-level transition to electricity than they are with the state of the economy now.
An earlier convertible note for $62.5 million that was closed with BMW iVentures, Assembly Ventures, Breakthrough Energy Ventures, Volta Energy Technologies, Flex, and Coatue was included in the Series B investment.
ONE is a Michigan-based energy storage business that focuses on battery technology that can hasten the uptake of electric vehicles and broaden the range of available energy storage options.
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