DETROIT and BERLIN, Oct. 18,
2021 /PRNewswire/ -- Assembly Ventures, the first
transatlantic mobility fund in the world, is proud to announce its
investment into Our Next Energy Inc. (ONE), a Michigan-based energy storage solutions
startup. 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 while
adopting chemistries that don't pose a thermal runaway risk.
The US$25 million Series A
financing includes a remarkable syndicate consisting of Assembly
Ventures, Breakthrough Energy Ventures, BMW i Ventures, Flex
[NASDAQ: FLEX], and Volta Energy Technologies. As part of this
transaction Assembly Ventures Co-Founder and Partner Chris Thomas
will join ONE as a Board Observer.
"Mujeeb and his team at ONE are building revolutionary
technology that will help drive EV adoption, and we at Assembly
Ventures are excited to be part of the journey," said Jessica Robinson, Co-Founder and Partner at
Assembly Ventures based in Detroit. "The battery space remains ripe with
investment yet we believe ONE stands apart for their innovations in
energy management and a dual-battery approach, which together can
harness high density energy chemistries to significantly expand
battery range."
"In addition to ONE's dual-battery range extender technology,
the company is addressing the entire supply chain from battery pack
designs to battery materials," said Felix Scheuffelen, Co-Founder
and Partner at Assembly Ventures based in Berlin. "We believe the combination of
technological approach and component chemistry will result in a
battery that is capable of high performance and longer range, which
is currently a key constraint for potential EV buyers around the
world."
"Assembly Ventures and ONE are uniquely aligned in our
missions," said Mujeeb Ijaz, CEO and
Founder of Our Next Energy. "We believe in the power of combining
emerging technologies like ours with the industrialization skills
and assets found in states like Michigan."
"The decision to invest in ONE came down to the quality of their
team, the uniqueness of their approach, and the importance of their
mission," said Chris Thomas,
Assembly Ventures Co-Founder and Partner. "We decided to partner
with Mujeeb and his team at ONE given their strong backgrounds
across the automotive, energy, and technology sectors. ONE is truly
an 'only-in-Michigan' story that
exemplifies the opportunity Western industrial centers have to
create the technology that will drive the future of mobility. Their
focus on upending the chemistry of electrified propulsion, while
also creating an ethical and secure supply chain, is both distinct
and long overdue."
ONE will use proceeds from its Series A financing to accelerate
growth, hire additional talent, and
invest in R&D as it readies for commercialization.
About Assembly Ventures
Assembly Ventures invests in and strategically supports the
entrepreneurs and mobility companies moving the Western world. With
offices in Detroit and
Berlin, Assembly Ventures is the
first transatlantic mobility fund in the world.
Contact
media@assemblyventures.com
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SOURCE Assembly Ventures Management, LLC