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§ Private Profile · Novi, MI, USA
Our Next Energy is a technology company.
Our Next Energy (ONE) designs and manufactures advanced lithium iron phosphate (LFP) battery cells and energy storage systems. Its technology achieves high energy density and inherent safety through optimized chemistry and pack architecture, utilizing abundant, sustainable materials. ONE’s product portfolio, including prismatic cells, is engineered for demanding applications and efficient performance across various sectors.
Mujeeb Ijaz founded ONE in 2020, driven by the insight that widespread electrification requires robust, safe, and cost-effective energy storage. Ijaz, an experienced engineer in battery development, envisioned durable, sustainable batteries. He also established a resilient, U.S.-based manufacturing and supply chain to bolster domestic energy independence.
ONE’s energy solutions cater to grid storage, industrial, and defense sectors. The company’s mission is to accelerate the global transition to sustainable power by developing safe, long-lasting batteries and fostering energy resilience. They advance electrification through continuous innovation and localized manufacturing practices.
Our Next Energy has raised $916.0M across 5 funding rounds.
Our Next Energy has raised $916.0M in total across 5 funding rounds.
Our Next Energy (ONE) is a Michigan-based technology company founded in 2020 that develops and manufactures lithium iron phosphate (LFP) batteries for electric vehicles (EVs) and renewable energy storage.[1][3][4][5] It produces cells, modules, packs, and stationary storage systems like the Aries II and Gemini packs, serving EV manufacturers, automotive sectors, and grid storage needs to extend vehicle range, enhance safety, and support mass EV adoption amid rising U.S. grid demands from data centers and manufacturing.[1][3][4] ONE has raised $610M in Series C funding, operates a 10 MWh pilot production line in Michigan scaling to multi-GWh capacity, and emphasizes domestic manufacturing to reduce reliance on Chinese technology, with strong growth momentum evidenced by a Mosaic Score increase of +87 points recently.[1][3]
ONE was founded in 2020 by CEO & Founder Mujeeb Ijaz in Novi, Michigan, emerging as part of the U.S. effort to build a domestic battery industry.[1][4][5] Ijaz, leveraging expertise in energy storage, identified the need for safer, longer-lasting LFP batteries to accelerate EV adoption and grid reliability, particularly as U.S. utilities face surging demand.[4] Early traction came from validating production-intent cell designs on a 10 MWh pilot line, sharing samples with customers, and securing investments from prominent backers like Breakthrough Energy Ventures, BMW i Ventures, and Coatue, enabling plans for a 660,000 sq. ft. factory and the ONE Circle initiative for scaled LFP production.[1][2][3]
ONE stands out in the battery sector through these key strengths:
ONE rides the global electrification wave, capitalizing on EV market growth, renewable energy expansion, and U.S. policy incentives like the Inflation Reduction Act to onshore battery production and counter Chinese dominance (e.g., vs. competitors like CATL).[1] Timing is ideal amid surging U.S. grid demands from AI data centers and manufacturing, where domestic LFP cells enable faster deployment of storage solutions.[4] Market forces favoring ONE include rising EV adoption needs for safer, cheaper batteries and investor focus on energy transition, with its Michigan hub reinforcing the state's automotive leadership.[3] By scaling U.S. manufacturing, ONE influences the ecosystem through job creation, supply chain resilience, and tech transfer, competing with players like Sila Nanotechnologies and Form Energy while boosting North American EV infrastructure.[1][2]
ONE is poised for explosive growth by ramping Michigan production next year, targeting multi-GWh output to meet EV and grid storage surges, potentially capturing share in a market hungry for U.S.-made LFP tech.[3] Trends like AI-driven energy demands, stricter reshoring policies, and falling battery costs will propel it, with IPO potential on the horizon as a private leader.[1][2] Its influence could evolve from innovator to scale supplier, powering domestic EVs and renewables while deepening investor ties—exemplifying how Michigan-born ingenuity accelerates the energy transition started in its 2020 founding.
Our Next Energy has raised $916.0M in total across 5 funding rounds.
Our Next Energy's investors include Peter Gajdoš, Richard A. Piliero, AI Capital Partners, Baris Guzel, Coatue, Michigan, Riverstone Holdings, Sente Ventures, Temasek, Alpha Intelligence Capital, Breakthrough Energy Ventures, Fifth Wall.
Our Next Energy has raised $916.0M across 5 funding rounds. Most recently, it raised $520.0M Grant / Series B in February 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 1, 2023 | $520M Grant | Peter Gajdoš, Richard A. Piliero | AI Capital Partners, Baris Guzel, Coatue, Michigan, Riverstone Holdings, Sente Ventures, Temasek | Announced |
| Jan 1, 2023 | $300M Series B | — | Alpha Intelligence Capital, Breakthrough Energy Ventures, Fifth Wall, Future Energy Ventures, General Catalyst, Square PEG Capital, TCV, TLV Partners, Danny Hadar, Uday Sandhu | Announced |
| Oct 1, 2022 | $6M Series B | — | Alpha Intelligence Capital, BMW I Ventures, Breakthrough Energy Ventures, Fifth Wall, Sente Ventures | Announced |
| Feb 1, 2022 | $65M Series A | BMW I Ventures | Breakthrough Energy Ventures, Polaris Partners, Assembly Ventures, Jaimin Rangwalla, Flextronics, Volta Energy Technologies | Announced |
| Oct 1, 2021 | $25M Series A | Breakthrough Energy Ventures | BMW I Ventures, Polaris Partners, Chris Thomas, Mike Thoeny, Jeffrey Chamberlain | Announced |