Our Next Energy (ONE) Raises $300 Mn in Series B Equity, Valuing it at Over $1 Bn

Our Next Energy Inc. (ONE), a Michigan-based energy storage technology company, has closed a $300 million Series B capital raise that values it at $1.2 billion. The funding round was led by Fifth Wall and Franklin Templeton.

ONE has signed ten customer agreements for its products, totaling 36 GWh over the next five years, and is further preparing for phase two factory investments ahead of plan.

Its all LFP Aries battery can deliver 300 miles of range, while its LFP based dual chemistry Gemini system will deliver 600 miles of range.

ONE Circle is the company's first battery cell factory. Located in Van Buren Township, Michigan.

The factory's exterior construction was completed in December 2022. 

The facility is expected to create 2,112 new jobs when operating at its full annual capacity of 20 GWh by the end of 2027, equivalent to 200,000 electric vehicle battery packs annually. 

It aims to achieve a 45% reduction in carbon emissions by 2028 through a circular manufacturing approach.

Mujeeb Ijaz, CEO and Founder of ONE, says: "Closing this fundraising round is an important milestone for ONE as we focus on launching our first LFP cell factory in 2024. We are transitioning from a startup funded by venture capital to a manufacturer fueled by growth capital. That's important in this environment where urgent demand for U.S. based cell manufacturing is on the rise, supported by the Inflation Reduction Act, in a true public-private partnership."

"Batteries are a fundamental component of the global energy transition economy," adds Peter Gajdoš, Partner & Co-Head of The Climate Technology Investment Team at Fifth Wall. "ONE is firmly at the forefront of driving this systemic shift. We believe ONE's next-generation mobility and stationary storage applications are a game changer and are set to transform the $100B+ battery market. We're thrilled to be a part of the company's category-defining growth."

ONE's vision is to double the range of electric vehicles (EVs); use safer, more sustainable raw materials; and establish a localised supply chain.