Mujeeb Ijaz has returned as CEO of battery startup Our Next Energy (ONE), just over a year after stepping down from the role. The leadership change comes as the company announced the closure of a new funding round led by Crescent Ventures and Trousdale Ventures, though it did not disclose the amount raised.
Ijaz, who founded ONE in 2020 after working at Apple and Ford, had transitioned to chief technology officer (CTO) in December 2023 as the company faced difficulties securing a Series C funding round. He was replaced by board member Paul Humphries, a former executive at contract manufacturer Flex, but has now resumed the top leadership position.
See also: EV Demand to Stay Weak Until 2026, Says Samsung SDI Chief
ONE had been struggling financially after a failed $100 million investment from Just Climate, according to Bloomberg. The company had previously raised $300 million in a Series B round at a $1.2 billion valuation but faced challenges funding its $1.6 billion LFP battery factory in Michigan. It laid off 128 employees—about 25% of its workforce—to stabilize operations.
With fresh investment secured, ONE is reshuffling its leadership once more. Ijaz’s brother, Mansoor Ijaz, chairman of Crescent Ventures, will also join the company’s board.
See also: Researchers Develop High-Energy Sodium-Ion Cathode as Alternative to Lithium-Ion Batteries
ONE gained attention for its Gemini dual-chemistry battery pack, which enabled a retrofitted Tesla Model S to travel 752 miles on a single charge. The design uses a combination of LFP cells for daily driving and manganese-based reserve cells for extended range. While tested in a BMW iX, the Gemini pack has yet to be adopted by a major automaker, though BMW remains an early investor in ONE.
