EV battery maker ONE raises $300 million, now valued at $1.2 billion

StreetInsider2023-02-01

By Paul Lienert (Reuters) - Michigan-based battery startup Our Next Energy (ONE) on Wednesday said it closed a $300 million Series B funding round that takes the three-year-old company’s valuation to ...

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Eventually the facility will produce Aries II packs, and will have a prototype line for the company’s dual-chemistry Gemini cells, which ONE hopes to begin producing in 2026.\nIjaz said the company is considering whether to build a second building on the Van Buren campus, and is contemplating the need for a second location, depending on customer demand.\nONE also is negotiating with potential North American-based suppliers of battery raw materials, which could enable the company and its customers to take advantage of incentives in the Inflation Reduction Act.\nInvestors in the latest round include Temasek, Coatue, Riverstone Holdings, AI Capital Partners and Sente Ventures. \n“These are the kind of investors that are not worried about current economic conditions as much as they are focused on this century-level transition to electrification,” Ijaz said. \nThe Series B round included an earlier $62.5 million convertible note closed with BMW iVentures, Assembly Ventures, Breakthrough Energy Ventures, Volta Energy Technologies, Flex and Coatue.\n (Reporting by Paul Lienert in Detroit; editing by Jonathan Oatis)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2308706477"}