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Our Next Energy

Overview
EV Economy?
Alternative Energy?
Product stageSegments
Early
?
EV batteries: Other
?

Our Next Energy (ONE) is a Michigan-based energy storage company that develops lithium iron phosphate (LFP) EV batteries. These, unlike lithium-ion batteries, use little to no nickel or cobalt.

ONE is developing three types of LFP batteries: Aries I, Aries II, and Gemini. Aries I is a 79 kWh battery that provides a range of 150 miles on a single charge. The battery is capable of running 3,000 cycles with daily charging of up to 100% without degradation. It is currently being produced at ONE’s Michigan factory. According to the company, the scalable architecture of the battery allows it to fit into a range of applications including trucks, boats, homes, and grids.

Aries II is a customizable EV battery that the company claims provides the highest energy density per cell of any LFP battery on the market—441 watt-hours per liter (Wh/L). The 100 kWh battery is capable of powering a range of passenger EVs including SUVs, sedans, and light trucks. In August 2023, ONE reported that its Aries II battery pack has closed the gap in range and mass to within 6% of leading nickel cobalt manganese (NCM) battery packs currently used in EVs.

Gemini is a dual-chemistry battery designed to increase the range of EVs through the use of two cells: an LFP cell for daily driving and an anode-free cell for longer trips. Gemini’s LFP cell delivers 441 Wh/L, with a range of 150 miles on a charge. After 150 miles, it switches to the anode-free cell, which charges the LFP cell. The anode-free cell, which has an energy density of 1,007 Wh/L, provides an additional range of 450 miles. Combined, the two cells deliver more than 600 miles on a single charge.

In October 2022, ONE invested USD 1.6 billion to develop a new battery cell manufacturing plant known as “ONE Circle,” in Michigan. The facility was expected to operate at its full annual capacity of 20 GWh by the end of 2027. The company intended to manufacture enough cells to produce 240,000 Aries II and Gemini packs annually from 2023 onwards.

Key customers and partnerships

In June 2022, ONE partnered with BMW to incorporate Gemini into a BMW iX all-electric sports activity vehicle. In June 2023, the company signed a joint development agreement with Nano One Materials to collaborate on the validation, qualification, and production of a North American supply of LFP cathode active materials (CAM).

Funding and financials 

In February 2023, ONE raised USD 300 million in a Series B funding round led by Fifth Wall and Franklin Templeton. This brings the company's total funding to USD 390 million, setting the company’s post-money valuation at USD 1.2 billion. The company was to use the funds to launch ONE Circle LFP cell factory, which was already receiving USD 200 million in grants from the state of Michigan.


HQ location:
45145 W. 12 Mile Road Novi MI USA
Founded year:
2020
Employees:
251-500
IPO status:
Private
Total funding:
USD 390.0 million
Last Funding:
Feb 2023
Series B
USD 300.0 million
Key competitors
 
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EDGE Insights

Mobility (Q3 2023): Partnerships strengthen EV ecosystem; self-driving regulatory approvals brighten outlook

Recent Updates

Management news
Mar 5, 2024
Our Next Energy lays off employees for second time
Alternative Energy
Product updates
Aug 17, 2023
ONE LFP EV batteries close in on performance of NCM batteries
EV Economy
Partnerships
Jun 14, 2023
Our Next Energy signs partners with Nano One Materials
EV Economy
Funding
Feb 1, 2023
Our Next Energy raises USD 300 million in funding and gains unicorn status
Alternative Energy

Funding


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