Our Next Energy (ONE), a US company developing lithium iron phosphate (LFP) long-duration energy storage systems and EV batteries, reported that its Aries II lithium iron phosphate (LFP) 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.

ONE has been striving to close the energy density gap between the two batteries for several years and has now succeeded, also showcasing a 20%–30% energy density increase over other LFP battery systems. Currently, the majority of EVs sold in the US use NCM batteries due to higher energy densities.

ONE used the stability of the LFP to minimize the restricted impact areas within the battery pack. The team also reduced the weight of the pack through the use of lower-cost raw materials in the cell and using more advanced materials at the pack level. Such increases in energy density and reduction in weight enabled ONE’s Aries II battery to provide over 350 miles (~563 km) of range to an EV. The company expects to achieve full IRA compliance and to begin the production of its Aries II batteries in 2024 at its 20 GWh ONE Circle manufacturing facility in Michigan, US.

Analyst QuickTake: In June 2023 , ONE signed a joint development agreement (JDA) with Nano One Materials to collaborate on the validation, qualification, and production of a North American supply of LFP cathode active materials (CAM). The CAM that is to be produced at Nano One’s facility will be used in ONE’s Aries and Gemini batteries. ONE initially began the production of its Aries battery pack in early 2023 following the company’s USD 300 million Series B funding round in February 2023 .