Our Next Energy Inc. (ONE), an energy storage technology company based in Novi, announced it has raised $65 million in a new funding round led by BMW i Ventures following a $25 million Series A raise in October 2021.
In addition, the recent investment was joined by Coatue Management and ONE’s Series A investors, including Breakthrough Energy Ventures, Assembly Ventures, Flex, and Volta Energy Technologies.
“This most recent investment accelerates the timeline for ONE’s Gemini battery technology following our recent 752-mile range demonstration,” says Mujeeb Ijaz, founder and CEO of ONE. “We are excited to have BMW i Ventures lead this round and we are thrilled to welcome Coatue Management and their support as we raise the capital required to build a U.S. cell factory that supports Aries and Gemini.”
ONE has signed contracts with four customers totaling more than 25 GWh of energy storage capacity over the next five years, equating to approximately 300,000 electric vehicle battery packs. This development allows ONE to begin the process of site selection for its first US-based battery factory.
The ONE battery factory marks a significant development in its path to accelerate electrification with safer, more powerful energy storage technologies that use more sustainable raw materials while creating a reliable, low cost and conflict-free supply chain.
In the next quarter, ONE will begin evaluating site locations for its US-based battery factory, which will begin with production of its Aries LFP battery system, improving energy density, safety, and cost. The company will accelerate its research and development efforts for the high-energy-density Gemini dual-chemistry battery in Michigan and the Bay Area.
“ONE’s core principles of doubling the range, decreasing the cost of the batteries and creating a local supply chain, resonated strongly with us at BMW i Ventures,” says Baris Guzel, partner at BMW i Ventures. “Today’s announcement of ONE’s battery factory in the US is an important step for the larger electric vehicle value chain, and ONE has the potential to truly transform the ecosystem.”
ONE will begin production of its first product, Aries, in late 2022 and will demonstrate a production prototype Gemini battery in 2023.