Our Next Energy (ONE), a Novi-based battery startup, has raised $25 million in Series A funding to change how batteries for electric vehicles operate.
The funding round was led by Breakthrough Energy Venture with participation from Assembly Ventures, BMW i Ventures, Flex, and Volta Energy Technologies. Carmichael Roberts, General Partner at Breakthrough Energy Ventures, said about the firm’s participation in the round:
“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. 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.”
Since its founding in 2020, ONE has developed a battery technology that not only doubles the lifetime of an electric vehicle’s usability between charges but also lowers their costs while reducing thermal runaway risk. The efficiency of existing batteries has been one of the major barriers preventing electric vehicles from reaching mass adoption, which is why the startup is positive its product will play a major role in boosting adoption around the world. Baris Guzel, Partner at BMW i Ventures, said in this regard:
“Our Next Energy is working to fundamentally reinvent the battery while focusing on sustainability, safety and cost; three key factors which will help speed the development and adoption of battery electric vehicles. We are convinced that Our Next Energy has the potential to truly transform the space, and we could not be more excited to join their journey.”
According to a 2020 report by the International Energy Agency (IEA), sales of electric cars reached 2.1 million in 2019, a 40% increase when compared to 2018. Our Next Energy expects its focus on sustainability, safety, and cost will allow it to capitalize on the growth of the electric car industry while also helping millions of people adopt the technology.