NOVI, Mich., Oct. 18, 2021 /PRNewswire/ -- Our Next
Energy Inc. (ONE), a Michigan-based energy storage solutions
company, today announced it 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 [NASDAQ: FLEX] and Volta Energy
Technologies.
Michigan based battery startup Our
Next Energy (ONE) closes Series A Led by Breakthrough Energy
Ventures
ONE has demonstrated technologies that can double the range of
electric vehicles, a key to increasing adoption. In addition to
improving range, ONE is focused on lowering cost with cobalt-free
chemistries that don't pose a thermal runaway risk.
"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," said Carmichael Roberts, Breakthrough Energy
Ventures. "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."
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 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%. In
simple terms, 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. 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.
"Leveraging our Series A investment, ONE will accelerate product
development of both Aries™ and Gemini™ batteries," said
Mujeeb Ijaz, Founder and CEO of Our
Next Energy. "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."
"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," said Chris Thomas,
co-founder and partner at Assembly Ventures. "Their focus on
upending the chemistry of electrified propulsion, while also
creating an ethical and secure supply chain, is both distinct and
long overdue."
"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," said 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."
"Flex is focused on collaborating across the automotive industry
to accelerate the future of mobility," said Mike Thoeny, president, Flex Automotive Business
Group. "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."
"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," said Volta founder
and CEO Dr. Jeff Chamberlain. "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."
About Our Next Energy
Our Next Energy Inc. (ONE) is a
Michigan-based developer of
innovative energy storage solutions with a vision to rapidly expand
the world's access to sustainable power. 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. Visit
one.ai to learn more.
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SOURCE Our Next Energy Inc.