EV battery maker ONE raises US$300 million, now valued at US$1.2 billion

📆 2/1/2023 8:25 AM
📰 ChannelNewsAsia

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Michigan-based battery startup Our Next Energy (ONE) on Wednesday (Feb 1) said it closed a US$300 million Series B funding round that takes the three-year-old company’s valuation to US$1.2 billion. The latest round, led by investors Franklin Templeton and Fifth Wall, makes Our Next Energy one of the most

Michigan-based battery startup Our Next Energy on Wednesday said it closed a US$300 million Series B funding round that takes the three-year-old company’s valuation to US$1.2 billion.

ONE is delivering prototype versions of its Aries I battery pack to several companies for testing, and aims to begin producing Aries II lithium iron phosphate cells next year at a new factory in Van Buren Township in southeastern Michigan, Chief Executive Mujeeb Ijaz said in an interview. Ijaz said the company is considering whether to build a second building on the Van Buren campus, and is contemplating the need for a second location, depending on customer demand.

Investors in the latest round include Temasek, Coatue, Riverstone Holdings, AI Capital Partners and Sente Ventures.

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