NOVI—The Novi-based battery startup Our Next Energy (ONE) Inc. announced it has closed a $25 million Series A capital raise led by France-based Breakthrough Energy Ventures. The round was also joined by Detroit-based Assembly Ventures, Germany’s BMW i Ventures, the San Jose, Calif.-based electronics manufacturing services company Flex Ltd. (Nasdaq: FLEX) and the Warrenville, Ill.-based energy investor Volta Energy Technologies.
The amount of the financing wasn’t disclosed.
ONE officials say they have 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, investment committee lead at 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.
Added Chris Thomas, co-founder and partner at Assembly Ventures: “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. Their focus on upending the chemistry of electrified propulsion, while also creating an ethical and secure supply chain, is both distinct and long overdue.”
Founded in 2020 by 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.