NOVI, Mich. – Our Next Energy Inc. (ONE), a Michigan-based energy storage technology company, has closed its $300 million Series B funding round with a post-money valuation of $1.2 billion. The round was led by Fifth Wall and Franklin Templeton and included investors Temasek, Riverstone Holdings, Coatue, AI Capital Partners and Sente Ventures, along with two undisclosed strategic investors.
ONE’s CEO and Founder, Mujeeb Ijaz, described the funding round as an important milestone for the company as it prepares to launch its first lithium iron phosphate (LFP) cell factory in 2024. According to Ijaz, ONE is transitioning from a startup funded by venture capital to a manufacturer fueled by growth capital.
“Batteries are a fundamental component of the global energy transition economy,” said Peter Gajdoš, Partner and Co-Head of The Climate Technology Investment Team at Fifth Wall. Gajdoš sees ONE as a company at the forefront of driving this systemic shift, with its next-generation mobility and stationary storage applications set to transform the $100 billion plus battery market.
As part of the Series B funding round, Richard Piliero, a Managing Director at Franklin Templeton, will join ONE’s Board of Directors. Piliero has over 23 years of private equity experience.
ONE Circle, the company’s first battery cell factory, is located in Van Buren Township, Michigan. The exterior construction of the factory was completed in December 2022. The company raised $62.5 million in a convertible note in January 2022 as part of the Series B funding round. The note was led by BMW i Ventures and included investors Assembly Ventures, Breakthrough Energy Ventures, Coatue, Flex and Volta Energy Technologies.
