Our Next Energy (ONE), a Michigan-based battery startup, has reportedly announced the closing of a Series A capital raise worth USD 25 million led by Breakthrough Energy Ventures. Seemingly, Assembly Ventures, Volta Energy Technologies, BMW i Ventures, and Flex also joined the round.
ONE has exhibited technologies that can effectively double the capacity of electric vehicles (EVs), which is crucial for wider deployment. ONE is focusing on decreasing the price with cobalt-free chemistries that do not pose a threat of thermal runaway, in addition to enhancing the vehicle range.
At a system level, the first technology known as Aries™ will have an energy density of 287 Wh/L and would enter production at the end of 2022. The Lithium Iron Phosphate (LFP) chemistry in the Aries™ battery pack will be used in a Structural Cell to Pack™ style with the highest known cell to pack 76 percent ratio.
The Gemini™ technology, which uses ONE's exclusive energy management system as well as chemistry in a dual battery range extender design, is the second among the technologies. 450 Wh/L is produced by this approach at the system level, extending the cost and range of Aries™. To put the Gemini™ architecture's capacities into perspective, ONE estimates that Gemini™ will allow EVs to go over 750 kilometers on a single charge.
Mujeeb Ijaz, CEO, and founder of ONE stated that the company will leverage the Series A investment to fast-track Aries™ and Gemini™ batteries’ product development.
Ijaz further added that ONE is thrilled to have the expertise and guidance of these critical investors on board as the company pursues its goal of developing energy storage devices that use safer, more ecological battery chemistries.
Carmichael Roberts, Breakthrough Energy Ventures, stated that Mujeeb and the ONE team have discovered the formula for creating long-range batteries that not only push power density but also cost limitations. This is the kind of battery breakthrough that will alleviate customer range anxiety and make electrification more appealing to trucks and fleets.