Our Next Energy (ONE), a US-based battery start-up, has secured $300 million in funding through a Series B round. The funding round, led by investors Fifth Wall and Franklin Templeton, saw participation from existing Series A investors and valued the company at over $1 billion.
In addition to the funding round, ONE will receive a $220 million grant from the state of Michigan for its upcoming LFP battery cell factory set to commence operations in 2027 with a yearly capacity of 20 GWh.
Despite its plans to expand, ONE has already signed ten contracts with customers for a total of 36 GWh over the next five years. The company, which is backed by BMW and others, is poised to revolutionize the energy storage industry with its cutting-edge technology.
See also: Our Next Energy launches 240-Ah cell with anode-free
“Closing this fundraising round is an important milestone for ONE as we focus on launching our first LFP cell factory in 2024,” said Mujeeb Ijaz, CEO & Founder of ONE. “We are transitioning from a startup funded by venture capital to a manufacturer fueled by growth capital. That’s important in this environment where urgent demand for US-based cell manufacturing is on the rise, supported by the Inflation Reduction Act, in a true public-private partnership.”
Our Next Energy (ONE) is making waves in the battery market, attracting major players such as BMW, Bollinger Motors and Motive. In November 2022, ONE signed a supply agreement with Bollinger Motors for commercial vehicle batteries, followed by a partnership with Motive for the same application in March of the same year. ONE also presented a new battery cell with 240 Ah capacity and stated their goal to reduce cell-level costs to $50 per kilowatt-hour.
ONE first caught our attention in 2021 when BMW invested in the startup. This was followed by ONE showcasing an upgraded Model S with a range of up to 1,200 km using one of their battery prototypes. TWO months later, ONE announced their plans to build their first battery factory in the USA.
