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Our Next Energy Inc. (ONE), a Michigan-based energy storage solutions company, has closed a $25 million Series A capital raise led by Breakthrough Energy Ventures. The round was also joined by Assembly Ventures, BMW i Ventures, Flex and Volta Energy Technologies.
ONE’s technologies can double the range of electric vehicles.
In addition to improving range, ONE is focused on lowering cost with cobalt-free chemistries.
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.
The second of these technologies, called Gemini, uses ONE’s proprietary energy management system and chemistry in a dual battery range extender architecture.
The start-up calculates that this battery system will allow electric vehicles to travel more than 750 miles on a single charge.
Mujeeb Ijaz, Founder and CEO of Our Next Energy, says: “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.”
“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,” adds Baris Guzel, partner at BMW i Ventures. “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.”
Founded in 2020 by Mujeeb Ijaz, a battery systems engineer with more than 30 years of experience, ONE and its team of experienced battery engineers are focused on safer battery chemistries that use the most sustainable raw materials while creating a reliable, low cost and conflict-free supply chain.