The CEO of Our Next Energy (ONE), Mujeeb Ijaz, is seen on April 25, 2022, standing next to Aries lithium iron phosphate battery packs that are awaiting testing. Source: Reuters
Our Next Energy (ONE), a Michigan-based battery firm, announced that it has completed a $300 million Series B investment round, bringing the three-year-old business’s valuation to $1.2 billion. The company was founded by a Pakistani entrepreneur Mujeeb Ijaz.
Our Next Energy is now among the most valuable privately held battery companies in the country according to the most recent round, which was led by investors Franklin Templeton and Fifth Wall.
According to Chief Executive Mujeeb Ijaz, ONE is providing prototype versions of its Aries I battery pack to various businesses for testing, and it plans to start producing Aries II lithium iron phosphate cells at a new factory in Van Buren Township in southeast Michigan next year.