EV battery maker ONE raises $300 million, now valued at $1.2 billion |
Feb 1 (Reuters) – Michigan-based battery startup Our Next Energy ( ONE ) said on Wednesday it valued the three-year-old company at 1.2 billion USD 300 million Series B financing round has been closed.
The latest round led by investors Franklin Templeton and Fifth Wall, Our Next Energy USAmaking it one of the most valuable private battery companies in
ONE is providing prototype versions of its Aries I battery pack to several companies for testing and plans to start manufacturing Aries II lithium-iron phosphate cells next year at a new factory in Van Buren Township, in southeast Michigan, Chief Executive Mujeeb Ijaz said in an interview. .
Ijaz said that the plant will initially have a capacity of about 2 gigawatt-hours, by 2026 10 per GW-hour, and in 2027 20 It will increase to GW. Ultimately, the facility will produce Aries II packs and have a prototype line for the company’s dual-chemistry Gemini cells, which ONE hopes to produce in 2026.
Ijaz said the company is considering whether to build a second building on the Van Buren campus and is considering the need for a second location depending on customer demand.
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ONE is also in talks with potential battery raw material suppliers based in North America, which could allow the company and its customers to take advantage of incentives in the Inflation Reduction Act.
Investors in the latest round include Temasek, Coatue, Riverstone Holdings, AI Capital Partners and Sente Ventures.
“These are investors who are not worried about the current economic conditions and are focused on the century-level transition to electrification,” Ijaz said.
The Series B round included a $62.5 million convertible note closed by BMW iVentures, Assembly Ventures, Breakthrough Energy Ventures, Volta Energy Technologies, Flex and Coatue.
Reporting by Paul Lienert in Detroit; Edited by Jonathan Oatis
Our standards: Thomson Reuters Trust Principles.
2023-02-01 09:37:28
Source – reuters
Translation“24 HOURS”