Michigan-based energy storage technology company, Our Next Energy (ONE), has raised an additional $65 million in a new funding round led by BMW i Ventures. The new funding round will allow ONE to expand its operations and prepare for increasing demand and customer activity.
It also announced that it has signed contracts with four customers totaling more than 25 GWh of energy storage capacity over the next five years, equating to approximately 300,000 electric vehicle battery packs. This development allows ONE to begin the process of site selection for its first US-based battery factory.
Last year, the company demonstrated its proof-of-concept Gemini battery that powered an electric vehicle 752-mile (1,210-km) without recharging. In late December. It retrofitted a Tesla Model S with an experimental battery for real-world road testing across Michigan, where the test vehicle achieved 882 miles (1,419 km) at an average speed of 55 mph (88.5 km/h).
“This most recent investment accelerates the timeline for ONE’s Gemini battery technology following our recent 752-mile range demonstration. We are excited to have BMW i Ventures lead this round, and we are thrilled to welcome Coatue Management and their support as we raise the capital required to build a U.S. cell factory that supports Aries and Gemini,” said Mujeeb Ijaz, Founder, and CEO of ONE.
The ONE battery factory wants to accelerate electrification with safer, more powerful energy storage technologies that use more sustainable raw materials while creating a reliable, low-cost, and conflict-free supply chain.
ONE will begin evaluating site locations for its US-based battery factory, where production will start on its first product, a smaller battery cell called Aries, in late 2022. It expects to demonstrate a production prototype of the Gemini dual-chemistry battery in 2023.