Our Next Energy develops dual-chemistry battery packs called Gemini that use LFP cells for daily driving and manganese-based reserve cells for extended range. The company retrofitted a Tesla Model S with Gemini to achieve a 752-mile single-charge run and has tested the design in a BMW iX. Despite early testing and BMW being an early investor, the Gemini pack has not been adopted by a major automaker. ONE raised $300M in a Series B that valued the company at $1.2B post-money and is building a $1.6B LFP battery factory in Michigan. The company faced a cash crunch after a prospective $100M Series C led by Just Climate fell through, prompting layoffs of 128 employees (about 25% of staff). Founder Mujeeb Ijaz, who started the company in 2020, has returned as CEO following the leadership change. Our Next Energy designs and engineers energy storage batteries aimed at accelerating electrification. The company is led by CEO & Founder Mujeeb Ijaz and is based in Novi, Michigan. It has signed ten customer agreements totaling 36 GWh of supply over the next five years. ONE plans to use new capital to accelerate growth, expand operations, and advance factory investments. Management is preparing for phase two factory investments ahead of plan. The equity financing is being paired with significant public grants to fund a battery cell factory. ONE (Our Next Energy, Inc.) is a Michigan-based developer of energy storage technology focused on battery cells and packs, including the Aries LFP system and the Gemini dual-chemistry battery. Founded in 2020 and based in Novi, Michigan, the company demonstrated a 752-mile range and plans to begin Aries production in late 2022 and a production prototype Gemini in 2023. ONE has signed contracts with four customers totaling more than 25 GWh of capacity over the next five years—approximately 300,000 EV battery packs—which has allowed it to begin site selection for a U.S. battery factory. The company emphasizes safer chemistries, more sustainable raw materials, and a low-cost, conflict-free domestic supply chain. Recent funding will support expanded R&D in Michigan and the Bay Area and accelerate commercialization timelines. The article states the new capital will accelerate the timeline for Gemini following the recent range demonstration. Our Next Energy (ONE) develops a hybrid cell-to-pack battery system composed of two packs: the Aries cobalt-free LFP pack for daily use and the Gemini range extender aimed at occasional long trips. ONE claims its approach can double EV range and estimates the Gemini could enable up to a 700-mile single-charge range. The Aries uses lithium-iron-phosphate chemistry to reduce reliance on scarce materials like nickel and cobalt and to lower fire risk from thermal runaway. The company plans to begin Aries production at the end of 2022 and to manufacture batteries in Michigan with a contract manufacturing partner. ONE is roughly 15 months old and was founded by Mujeeb Ijaz, a battery veteran who previously led battery work at Ford and worked on Apple’s car project. The newly closed funding will be used to accelerate product development and manufacturing plans.

Total raised

$610M

Funding rounds

5

Latest round

Series B

Latest activity

Feb 2023