Our Next Energy (ONE), an energy storage solutions company developing a hybrid system based on a cobalt-free battery and a lithium iron phosphate battery for EVs, has raised $65 million in a Series A funding round.
The new funding round was led by BMW i Ventures with Coatue Management, a New York-based investment firm, and existing investors, including Breakthrough Energy Ventures, Assembly Ventures, Flex, and Volta Energy Technologies.
Our Next Energy raised $25 million in the first round of investments in October 2021. Including the latest round, the company has raised $90 million to date.
The company intends to use the fresh funds to expand its operations and plan for increasing demand and customer activity.
The company, which almost doubled the range of a Tesla Model S with its custom battery pack, has signed contracts with four clients and promises to provide more than 25 GWh in energy storage capacity over the next five years – or roughly 300,000 battery packs.
“This most recent investment accelerates the timeline for ONE’s Gemini battery technology following our recent 752-mile range demonstration. 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,” said Mujeeb Ijaz, Founder and CEO of ONE.
With new funds in hand, the company plans to evaluate site locations for its first US-based battery factory within the next quarter. Upon completion, the factory will start producing its Aries battery system while accelerating its R&D efforts for the high-energy-density Gemini dual-chemistry battery in Michigan and the Bay Area, as announced in early February.
According to Mercom’s 2021 Q4 and annual funding and M&A report for storage, grid & efficiency, in October 2021, ONE closed a $25 million Series A funding round led by Breakthrough Energy Ventures with Assembly Ventures, BMW i Ventures, Flex, and Volta Energy Technologies.