The Detroit-based Our Next Energy, which is developing an advanced battery for electric vehicles, raised $25 million from investors ranging from the German automaker BMW to a clean technology venture firm led by Microsoft co-founder Bill Gates.
Investors in ONE's Series A round include BMW iVentures, Chicago-based Assembly Ventures and Detroit-headquartered Volta Energy Technologies, which is partnered with Argonne National Laboratories. Another investor is Singapore-based electronics manufacturer Flex Ltd, which is also a strategic partner with ONE.
The round was initiated by Breakthrough Energy Ventures, the investment arm of Breakthrough Energy, led in 2015 by Gates to support and fund innovative solutions for climate change. Among the Kirkland, Washington company s investments: Battery recycler Redwood Materials, solid-state aircraft maker ZeroAvia and electric battery developer QuantumScape.
ONE, a year-old startup which emerged from stealth mode only recently, is working on a dual battery that combines a structural cell-to-pack designed that uses zinc-free cathodes and cobalt-electric gases with a second, high-energy pack to recharge the first car to 750 miles possible.
ONE founder and chief executive Mujeeb Ijaz, a battery engineering with more than 30 years' experience at Ford Motor Co, Apple Inc. and A 123 Systems, said of the financial backers: We wanted to surround ourselves with people who are in this for the long term. They can help our company grow and they are also magnets for other technology. The new investment will help fund research and development, ranging from battery software and power electronics to artificial intelligence and machine learning, Ijaz said.
We plan to go from raw materials all the way to batteries manufacturing, he said, adding that ONE may seek additional funding and partners next year to help the company scale up manufacturing.