750 miles range achieved, $65m funding follows for EV battery maker ONE

Our Next Energy (ONE), a Michigan-based energy storage technology company, has raised $65 million following its $25 million Series A that was led by Breakthrough Energy Ventures in October 2021.

This new funding round, led by BMW i Ventures, will allow ONE to expand its operations and prepare for increasing demand and customer activity, said an official statement.

In addition, the recent investment was joined by Coatue Management, a New York-based investment firm with ~$60B of assets under management, and ONE’s Series A investors, including Breakthrough Energy Ventures, Assembly Ventures, Flex and Volta Energy Technologies.

Founded in 2020 by Mujeeb Ijaz, an experienced battery systems engineer, the ONE team focusses on safer battery chemistries that use sustainable raw materials while creating a reliable, low cost and conflict-free supply chain.

Earlier this year, the company made headlines driving Tesla Model S for 752 miles, nearly doubling the car’s range with a ONE Gemini 001 battery pack.

The modified Model S travelled a distance of 1,419km in Michigan on a single charge, at an average speed of 90kph, a figure that ONE said was validated by a third party using a vehicle dynamometer.

“This most recent investment accelerates the timeline for ONE’s GeminiTM battery technology following our recent 752-mile range demonstration,” said Founder and CEO Ijaz.

ONE has signed contracts with four customers totaling more than 25 GWh of energy storage capacity over the next five years, equating to approximately 300,000 EV battery packs. This development allows ONE to begin the process of site selection for its first US-based battery factory, said the company.

“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,” said Baris Guzel, partner at BMW i Ventures.

“We believe ONE is creating transformative battery cell and pack technologies,” added Jaimin Rangwalla of Coatue Management.

The company plans to begin production of its first product, AriesTM, a 79kW battery system, in late 2022. In the next quarter, ONE will begin evaluating site locations for its US-based battery factory, which will begin with production of AriesTM, aiming to improve energy density, safety and cost.

The company plans to accelerate its R&D efforts for the high-energy-density GeminiTM dual-chemistry battery in Michigan and the Bay Area, as announced in early February. ONE will likely demonstrate a production prototype GeminiTM battery in 2023.