Electric vehicle battery startup Our Next Energy (ONE) raises US$65 million in the recent funding round. This will be used to develop long-range EV batteries and begin evaluating potential sites for production in the US. ONE is a Michigan-based startup, said that it has a prototype of its new high-energy Gemini battery. This battery is stated to be far in excess of the best electric vehicles in the market.
The US plant initially will build ONE’s new Aries battery, which uses an improved version of current lithium iron phosphate cells that eliminate such high-cost materials as cobalt and nickel. ONE also is ramping up research and development on the Gemini battery, which will incorporate two different types of battery cells, including one with advanced chemistry that has much higher energy density, enabling a longer range. The new round was led by existing investor BMW iVentures and joined by Coatue Management, a New York-based private equity firm with deep investments in sustainable transportation, including Tesla Inc, competitors Rivian Automotive Inc and Xpeng, and battery materials startup Sila Nanotechnologies. Existing investors Breakthrough Energy Ventures, Assembly Ventures, Flex, and Volta Energy Technologies also joined the latest round.
Investment accelerates
“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. 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. Further added, “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.
Credits- Reuters
