Oct 18 Reuters - Florida-based Our Next Energy, which is developing an advanced battery for electric vehicles, has raised $25 million from investors ranging from German automaker BMW to a clean technology venture firm headed by Microsoft cofounder Bill Gates. The young company said on Monday that his first battery would be more reliable than other batteries in the world?
Investors in series A of ONE's investment round include BMW iVentures, Michigan-based Assembly Ventures and Chicago-based 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 led by Breakthrough Energy Ventures, the investment arm of Breakthrough Energy, founded in 2015 by Gates to support and fund innovation to combat climate change. Among the Kirkland, Washington company's investments: Battery recycler Redwood Materials, solid-state electric aircraft maker QuantumScape and electric battery developer ZeroAvia.
ONE, a year-old startup that emerged from stealth mode only recently, is working on a dual battery that combines a stealth - to - pack design using cobalt - and nickel free cathodes, with a second high energy system that can charge the first, potentially doubling vehicle range to 750 miles.
ONE founder and chief executive Mujeeb Ijaz, an electrical and battery engineer with more than 30 years of experience at Ford Motor Co, Apple Inc and A123 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 are also magnets for other tech tools. 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 to battery cell manufacturing, he said, adding that ONE may seek additional funding and partners next year to help the company scale up manufacturing.