
Our Next Energy (ONE), an EV battery startup based in Michigan, announced Wednesday that it has closed a $300 million Series B funding round, valuing the three-year-old company at $1.2 billion.
The most recent investment round, led by Franklin Templeton and Fifth Wall, makes Our Next Energy one of the most valuable privately held battery companies in the United States.
ONE EV Battery Market Share
ONE is supplying prototypes of its Aries I battery pack to a number of companies for testing and plans to begin manufacturing Aries II lithium iron phosphate cells at a new facility in Van Buren Township, southeast Michigan, next year, according to ONE CEO Mujeeb Ijaz.
Ijaz stated that the plant’s initial capacity will be around 2 gigawatt-hours, increasing to 10 GWh by 2026 and 20 GWh by 2027. Eventually, the facility will produce Aries II packs and have a prototype line for the dual-chemistry Gemini cells, which ONE plans to begin manufacturing in 2026.
ONE is expanding as a result of consumer demand
Ijaz stated that the company is evaluating the possibility of constructing a second building on the Van Buren campus, as well as the need for a second location based on customer demand.
Additionally, ONE is in negotiations with potential North American suppliers of battery raw materials, which could enable the company and its customers to take advantage of Inflation Reduction Act incentives.
Temasek, Coatue, Riverstone Holdings, AI Capital Partners, and Sente Ventures are among the latest investors.
In the Series, B round, BMW iVentures, Assembly Ventures, Breakthrough Energy Ventures, Volta Energy Technologies, Flex, and Coatue closed a convertible note for $62.5 million.
Read more: TikTok CEO to make a first appearance before as calls for a US ban intensifies
Potential Obstacles In Industry

Nevertheless, the development of new battery technologies and designs presents a number of obstacles, such as:
- Battery performance: Does the delivered energy meet the battery’s specifications? During normal operation, are the standard charge and discharge rates met, and is the specified range attained?
- How frequently must the battery be maintained in order for it to function as expected? Are trained professionals required for upkeep?
Environmental factors: is the battery designed to comply with - Environmental considerations: Is the battery designed to operate in extreme heat or cold or humidity? Are extreme weather conditions, such as flooding, a threat to safety?
Are the primary components and chemicals of the batt sustainable? - Are the primary constituents and chemicals of the battery recyclable? If the battery is no longer qualified for use in an xEV, can it be utilized for other purposes?
These and other factors are not only crucial for operation safety. Even non-safety-related failures or poor battery performance can severely damage a brand’s reputation in a highly competitive market.
Read more: US, China war to begin in 2025, chilling prediction claims