Volta Energy Technologies Invests in Our Next Energy to Scale Breakthrough Range-Extending Battery Technology
$25 million Series A investment round, backed by Volta, Breakthrough Energy Ventures, BMW, Flex, and Assembly Ventures, will accelerate production and development of ONE’s innovative high-energy, low cost battery packs that can double electric vehicle range
CHICAGO (October 18, 2021) – Our Next Energy Inc. (ONE), a Novi, Michigan-based energy storage systems company, today announced a $25 million Series A investment round financed by Volta Energy Technologies and other notable investors, including Breakthrough Energy Ventures, BMW, Flex, and Assembly Ventures. This investment positions ONE to scale up production of its existing products aimed at the important delivery truck and fleet vehicle market and to accelerate product development on its next generation range-extending products for the consumer market.
ONE has demonstrated technologies that can double the range of electric vehicles, a key to increasing adoption. In addition to improving range, ONE is focused on lowering cost with cobalt-free chemistries that don’t pose a thermal runaway risk.
“What makes ONE a particularly attractive investment to Volta is that the company is led by experienced and mature leaders who are innovating at both the cell and the pack level,” said Volta founder and CEO Dr. Jeff Chamberlain. “This combination of technology improvements in engineering design, manufacturing technology, along with chemistry and architecture makes ONE unique, and a technology leader in this regard. In ONE, we see a unique ability to integrate next-generation ideas into to the fast-developing landscape of battery technologies and use cases.”
“Leveraging our Series A investment, ONE will accelerate product development,” said Mujeeb Ijaz, Founder and CEO of Our Next Energy. “We are lucky to have Dr. Jeff Chamberlain and the Volta team join our Series A investors bringing considerable experience and vision to help us create energy storage systems with safer and more sustainable battery chemistries.”
The syndicate investing in ONE, led by Breakthrough Energy Ventures, combines investors with a powerful combination of strategic and financial resources. This group of investors together aims to assist ONE’s leadership in identifying and leveraging technology and supply chain partners, qualifying and informing product design and development plans from a broad market-backed perspective, as well as providing direct manufacturing and market access essential for the rapid commercialization and scale-up of ONE’s innovative battery products.
“Our Next Energy is working to fundamentally reinvent the battery while focusing on sustainability, safety and cost; three key factors which will help speed the development and adoption of battery electric vehicles,” said Baris Guzel, partner at BMW i Ventures. “We are convinced that Our Next Energy has the potential to truly transform the space, and we could not be more excited to join their journey.”
ONE’s approach to designing a more energy dense battery pack using reliable, safe, and well known commercially available LFP cells has already resulted in a battery pack with an energy density of 287 Wh/L – approaching the energy density of the battery cells themselves (378 Wh/L) due to the absolute minimum presence of ancillary components used in ONE’s design. Future products that will incorporate the company’s hybrid design will drive total pack-level energy and range significantly higher.
ONE is a part of Volta’s portfolio of investable technologies and businesses aimed at enabling the ubiquitous global adoption of electric vehicles and renewable power generation, which includes Solid Power, 6K, Conamix, Ionic Materials, and Smart Wires. Volta’s new energy storage venture fund, launched earlier this year, complements Volta’s pledge fund, backed by strategic investors Albemarle, Exelon, Equinor Ventures and Hanon Systems.
“ONE’s business compliments Volta’s other investments and we hope and expect to see synergies develop between ONE and other companies in the Volta portfolio,” said Chamberlain.
Entrepreneurs and investors with promising energy storage technologies are encouraged to contact Volta at www.plusvolta.com/contact.
Volta Energy Technologies is a venture capital firm spun out of the U.S. Department of Energy’s Argonne National Laboratory focused on identifying and investing in breakthrough energy storage and battery innovations after performing deep diligence with the support of unparalleled global research institutions. Seeded by strategic corporate investors Albemarle, Exelon, Equinor and Hanon Systems, Volta connects innovators with investors and relevant industries that are adopting energy storage technology, delivering strategic returns for all. To learn more, visit plusvolta.com and follow @VoltaLink on Twitter.
About Our Next Energy
Our Next Energy Inc. (ONE) is a Michigan-based developer of innovative energy storage solutions with a vision to rapidly expand the world’s access to sustainable power. Founded in 2020 by Mujeeb Ijaz, a battery systems engineer with more than 30 years of experience, ONE and its team of experienced battery engineers are focused on safer battery chemistries that use the most sustainable raw materials while creating a reliable, low cost and conflict-free supply chain. Visit one.ai to learn more.