Battery startup Our Next Energy has turned 300 million into 1.2 billion
2023.02.01 02:40
Battery startup Our Next Energy has turned 300 million into 1.2 billion
By Tiffany Smith
Budrigannews.com – Our Next Energy (ONE), a battery startup based in Michigan, announced on Wednesday that it had closed a $300 million Series B funding round, bringing the company’s valuation to $1.2 billion.
Our Next Energy is now one of the most valuable privately held battery companies in the United States thanks to the most recent round, which was led by investors Franklin Templeton and Fifth Wall.
In an interview, Chief Executive Mujeeb Ijaz stated that ONE plans to begin producing Aries II lithium iron phosphate cells next year at a new factory in Van Buren Township in southeastern Michigan. ONE is delivering prototype versions of its Aries I battery pack to a number of businesses for testing purposes.
According to Ijaz, the initial capacity of the plant will be around 2 gigawatt-hours, increasing to 10 GWh in 2026 and 20 GWh in 2027. The facility will eventually produce Aries II packs and a prototype line for the dual-chemistry Gemini cells that ONE plans to begin manufacturing in 2026.
According to Ijaz, the company is contemplating whether or not to construct a second building on the Van Buren campus and whether or not a second location is required in response to customer demand.
Additionally, ONE is negotiating with potential North American suppliers of battery raw materials, which may make it possible for the business and its clients to benefit from incentives provided by the Inflation Reduction Act.
Temasek, Coatue, Riverstone Holdings, AI Capital Partners, and Sente Ventures are among the latest round’s investors.
Ijaz stated:
“These are the kind of investors who are focused on this century-level transition to electrification as much as they are worried about the current economic conditions.”
An earlier $62.5 million convertible note was part of the Series B round and was signed by BMW iVentures, Assembly Ventures, Breakthrough Energy Ventures, Volta Energy Technologies, and Flex (NASDAQ:). and Dress.
