Battery Startup Our Next Energy Raises $25 Million

By Amit Chowdhry ● Oct 26, 2021
  • Our Next Energy (ONE) – a Michigan-based energy storage solutions company – announced recently that it closed a $25 million Series A round. These are the details.

Our Next Energy (ONE) – a Michigan-based energy storage solutions company – announced recently that it closed a $25 million Series A capital raise led by Breakthrough Energy Ventures. This funding round also included Assembly Ventures, BMW i Ventures, Flex, and Volta Energy Technologies.

ONE demonstrated technologies that can double the range of electric vehicles, a key to increasing adoption. And in addition to improving range, ONE is focused on lowering the cost with cobalt-free chemistries that don’t pose a thermal runaway risk.

The first of these technologies called Aries will go into production at the end of 2022 with an energy density of 287 Wh/L at a system level. And the Aries battery pack will use Lithium Iron Phosphate (LFP) chemistry in a Structural Cell to Pack architecture having the highest known cell-to-pack ratio of 76%. This has allowed ONE’s first production customer to increase range and reduce cost while eliminating nickel- and-cobalt supply chain and safety concerns.

The second of these technologies, called Gemini, uses ONE’s proprietary energy management system and chemistry in a dual battery range extender architecture. And this approach yields 450 Wh/L at a system level, further improving range and cost beyond the Aries platform. To quantify the capabilities of the Gemini architecture, ONE calculates that this battery system will allow electric vehicles to travel more than 750 miles on a single charge.

KEY QUOTES:

“Leveraging our Series A investment, ONE will accelerate product development of both Aries and Gemini batteries. We are thrilled to include the experience and leadership of these strategic investors as we execute our vision to create energy storage systems with safer and more sustainable battery chemistries.”

— Mujeeb Ijaz, Founder and CEO of Our Next Energy

“Mujeeb and his team at ONE have cracked the code for building long-range batteries that not only push energy density levels but also cost barriers. This is the type of battery innovation we need to eliminate consumer range anxiety for mass adoption and also make electrification more attractive for trucks and fleets.”

— Carmichael Roberts, Breakthrough Energy Ventures

“ONE is an ‘only-in-Michigan’ story that exemplifies the opportunity Western industrial centers have to create the technology that will drive the future of mobility. Their focus on upending the chemistry of electrified propulsion, while also creating an ethical and secure supply chain, is both distinct and long overdue.”

— Chris Thomas, co-founder and partner at Assembly Ventures

“Our Next Energy is working to fundamentally reinvent the battery while focusing on sustainability, safety and cost; three key factors which will help speed the development and adoption of battery electric vehicles. We are convinced that Our Next Energy has the potential to truly transform the space, and we could not be more excited to join their journey.”

— Baris Guzel, partner at BMW i Ventures

“Flex is focused on collaborating across the automotive industry to accelerate the future of mobility. In the movement from internal combustion engines (ICE) to dedicated EV platforms, advanced battery solutions will play a pivotal role and ONE has the opportunity to provide a transformative and disruptive technology.”

— Mike Thoeny, president, Flex Automotive Business Group

“What makes ONE a particularly attractive investment to Volta is that the company is led by experienced and mature leaders who are innovating at both the cell and the pack level. This combination of technology improvements in engineering design, manufacturing technology, along with chemistry and architecture makes ONE unique, and a technology leader in this regard. In ONE, we see a unique ability to integrate next-generation ideas into to the fast-developing landscape of battery technologies and use cases.”

— Volta founder and CEO Dr. Jeff Chamberlain