Our Next Energy (ONE) Raises $300 Million at Valuation of $1.2 Billion

Our Next Energy is an energy storage company manufacturing battery technologies to expand access to sustainable power. ONE focuses on safer battery chemistries that use sustainable raw materials while creating a reliable, low-cost and conflict-free supply chain. The company increases renewable energy retention, reduces emissions, and helps to stabilize the grid.

The new Series B round was led by Fifth Wall and Franklin Templeton and joined by ONE’s Series A investors and new growth equity investors Temasek, Riverstone Holdings, and Coatue. Two new venture equity investors, AI Capital Partners (Alpha Intelligence Capital’s U.S.-based fund) and Sente Ventures (in conjunction with TR.PE), also took part in the round.

ONE, Michigan, United States, was founded by Mujeeb Ijaz in 2020. “Closing this fundraising round is an important milestone for ONE as we focus on launching our first LFP cell factory in 2024,” said Mujeeb Ijaz, CEO & Founder of ONE. “We are transitioning from a startup funded by venture capital to a manufacturer fueled by growth capital. That’s important in this environment where urgent demand for U.S.-based cell manufacturing is on the rise, supported by the Inflation Reduction Act, in a true public-private partnership.”

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