Our Next Energy (ONE) has raised an additional $65 million in funding to help develop its battery factory and technology.
The Michigan-based energy storage technology previously raised $25 million in Series A funding in October last year and was led by BMW i Ventures.
“This most recent investment accelerates the timeline for ONE’s GeminiTM 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.”
The company, which almost doubled the range of a Tesla Model S with its custom battery pack, has signed contracts with four customers and is promising to produce more than 25 GWh in energy storage capacity over the next five years – or roughly 300,000 battery packs.
This development, and new funding, is allowing ONE to move forward in picking the site for its first US-based battery factory.
The company is also promising that its more powerful energy storage technology uses more sustainable raw materials and has a conflict-free supply chain.
“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 is planning to start evaluating site locations for its factory within the next quarter. Once a site is found, ONE will start producing its Aries battery system whilst 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.
