Our Next Energy Valuation, Funding & Investors

Our Next Energy is valued at $1.2B as of February 2023.

Last Our Next Energy valuation

$1.2B

Series B · Feb 2023

Last Our Next Energy funding round

$300M

Series B · Feb 2023

Cumulative funding Our Next Energy raised

$390M

across 3 funding rounds

Key investors in Our Next Energy

  • Coatue
  • Breakthrough Energy Ventures
  • BMW i Ventures
  • Volta Energy Technologies
  • Assembly Ventures
  • Flex

Our Next Energy Overview

About Our Next Energy

Our Next Energy is a Novi-headquartered developer of advanced lithium-iron-phosphate batteries for electric vehicles. The company employs Gemini dual-chemistry architecture to deliver higher energy density and faster charging times while prioritizing cobalt-free materials and domestic supply chains. Founded in 2020, Our Next Energy partners with BMW i Ventures on joint development projects and operates a pilot production line in Michigan ahead of a planned gigafactory.


Founded

2020

HQ

United StatesDetroit, MI

Website

one.ai

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.2B (Feb 2023)

Our Next Energy Valuation

Our Next Energy is currently valued at $1.2B, based on its Series B in February 2023.

The $300M round was led by Fifth Wall, with participation from Temasek, TR.PE, Riverstone, Sente Ventures and Coatue.

Our Next Energy valuation by funding round

Our Next Energy valuation by funding round
DateStageValuation
Feb 2023Series B$1.2B

Our Next Energy Funding History

Our Next Energy has raised a total of $390M across 3 funding rounds.

Our Next Energy's first fundraising round was a $25M Series A in October 2021. The most recent completed round was a $300M Series B in February 2023.

Our Next Energy funding rounds

Our Next Energy funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2023Series BFifth Wall (lead); Temasek; TR.PE; Riverstone; Sente Ventures; Coatue$300M$1.2BOur Next Energy (ONE) is a Michigan-based electric-vehicle battery company that closed a $300 million Series B funding round on February 1, 2023, at a post-money valuation of $1.2 billion. The round was led by Fifth Wall and Franklin Templeton Investments, with participation from Series A investors Temasek Holdings, Riverstone Holdings, and Coatue, as well as new investors AI Capital Partners (Alpha Intelligence Capital's U.S. fund) and Sente Ventures in conjunction with TR.PE. Two undisclosed strategic investors also participated, including an EV technology solutions manufacturer and a renewable energy provider representing cell offtake agreements. A $62.5 million convertible note led by BMW i Ventures and including Assembly Ventures and Breakthrough Energy Ventures was closed in January 2022 as part of the Series B funding. The $300 million equity raise was accompanied by $220 million in grants from the state of Michigan, for a combined total of over $500 million to fund ONE's battery cell factory operations. ONE had signed ten customer agreements for its lithium iron phosphate (LFP) cell products, totaling 36 GWh of committed volume over the next five years. The company, founded in 2020 by CEO Mujeeb Ijaz (a veteran of Ford, A123 Systems, and Apple's automotive effort), was completing construction of its first battery cell factory in Van Buren Township, Michigan, with formal launch planned for 2024. The round marked a strategic transition from venture capital funding to growth equity capital as ONE prepared to scale manufacturing operations in response to rising demand for U.S.-based cell production supported by the Inflation Reduction Act.
Mar 2022Series ABMW i Ventures (lead); Flex; Breakthrough Energy Ventures; Volta Energy Technologies; Coatue; Assembly Ventures$65M-Our Next Energy (ONE), a Michigan-based energy storage technology company, develops advanced battery technologies including Gemini for doubled range and Aries, aiming to reduce costs and build a U.S. supply chain. In March 2022, ONE raised $65M in a round led by BMW i Ventures, following a $25M Series A in October 2021 led by Breakthrough Energy Ventures, with participation from investors matching the query including Assembly Ventures, Coatue, and others. The funds were intended to expand R&D, operations, prepare for customer demand, and build a U.S. cell factory after demonstrating 752-mile range with Gemini technology. This 2022 round is referenced as part of early Series B efforts, including a $62.5M convertible note in January 2022 led by BMW i Ventures with the same co-investors. Later in 2022 and 2023, ONE raised additional Series B tranches, culminating in a February 2023 Series B-II of $300M at a $1.2B valuation led by Fifth Wall and Franklin Templeton, with Coatue and others, plus Michigan grants for a total over $500M to fund an LFP cell factory launching in 2024. ONE has secured ten customer agreements for 36 GWh over five years by 2023, positioning it in the $100B+ battery market amid U.S. manufacturing demand boosted by the Inflation Reduction Act. The company transitioned from venture to growth equity.
Oct 2021Series ABreakthrough Energy Ventures (lead); Flex; BMW i Ventures; Volta Energy Technologies; Assembly Ventures$25M-Our Next Energy (ONE) is a Michigan-based battery technology company founded by Mujeeb Ijaz, a veteran engineer with three decades of experience at companies including Ford and Apple. The company develops advanced energy storage solutions for electric vehicles, focusing on improving range, safety, and cost through proprietary chemistries and system architectures rather than pursuing solid-state battery technology. ONE's core technology platforms include Aries and Gemini battery systems. The Aries platform demonstrates capabilities at 450 Wh/L energy density, while the Gemini dual-battery range extender architecture achieves the same energy density at a system level and is designed to enable electric vehicles to travel more than 750 miles on a single charge—approximately double the range of leading EVs at that time. On October 18, 2021, ONE closed a $25 million Series A funding round led by Breakthrough Energy Ventures, the venture fund founded by Bill Gates. Additional investors included Assembly Ventures, BMW i Ventures (the venture arm of German automaker BMW), Flex (NASDAQ: FLEX), and Volta Energy Technologies. The company was 15 months old at the time of the funding announcement. The capital was designated to accelerate product development of both battery platforms and advance manufacturing capabilities around chemistry, cell design, and pack-level engineering. Breakthrough's investment decision came after extensive due diligence, during which the company verified that ONE's approach would remain competitive even if solid-state battery competitors achieved breakthroughs in their technology.

Who has invested in Our Next Energy?

11 investors have backed Our Next Energy across its funding rounds, including Coatue, Breakthrough Energy Ventures, BMW i Ventures, Volta Energy Technologies, Assembly Ventures and Flex.

Lead investors include Fifth Wall, BMW i Ventures and Breakthrough Energy Ventures.


Our Next Energy Investors

Investors in Our Next Energy by funding rounds participated
InvestorHQRoundsRoleFirst check
FlexJapanTokyo2ParticipantOct 2021
Breakthrough Energy VenturesFranceParis2LeadOct 2021
BMW i VenturesUnited StatesSan Francisco, CA2LeadOct 2021
Volta Energy TechnologiesUnited StatesChicago, IL2ParticipantOct 2021
CoatueUnited StatesNew York City, NY2ParticipantMar 2022
Assembly VenturesUnited StatesDetroit, MI2ParticipantOct 2021
TemasekSingaporeSingapore1ParticipantFeb 2023
TR.PETurkeyIstanbul1ParticipantFeb 2023
RiverstoneUnited StatesNew York City, NY1ParticipantFeb 2023

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Our Next Energy Competitors

Our Next Energy competitors include listed companies like Emerald Horizon, Energy Vault and Hyliion, and private ones like CMBlu Energy AG, Exeger and NW Storm.

Public and private companies comparable to Our Next Energy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CMBlu Energy AGGermanyAlzenauPrivate--$1.2B-
Emerald HorizonAustriaAustriaPublicly listed$259K($523K)$1.2B-
ExegerSwedenStockholmPrivate--$860M-
NW StormFranceParisPrivate--$1.7B-
Energy VaultUnited StatesUnited StatesPublicly listed$204M($83M)$769M3.6x
HyliionUnited StatesUnited StatesPublicly listed$3M($60M)$729M60.8x

Our Next Energy Public Comps

Our Next Energy is still privately-owned, but its public comps include Bonheur, Naturenergie, Sinopec Kantons Holdings, EnergyVision, Emerald Horizon, Alerion CleanPower, Grupo Cox, T1 Energy, Shoals and Camel Group Co.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Bonheur$1.3B$404M1.2x1.2x3.9x4.2x
Naturenergie$1.8B$325M0.7x-3.8x5.0x
Sinopec Kantons Holdings$84M-10.8x---
EnergyVision$199M$44M6.6x4.8x29.9x22.5x
Emerald Horizon$259K($523K)4824.8x-(2390.4x)-
Alerion CleanPower$146M$115M14.5x6.3x18.4x8.7x
Grupo Cox$1.3B$218M4.2x2.4x25.3x12.1x
T1 Energy$755M($210M)2.7x2.2x(9.7x)52.8x

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Common questions about Our Next Energy

When was Our Next Energy founded?Our Next Energy was founded in 2020.
Where is Our Next Energy headquartered?Our Next Energy is headquartered in Detroit, MI, United States.
Is Our Next Energy publicly listed?No, Our Next Energy is a private, VC-backed company.
What is Our Next Energy's valuation?Our Next Energy was last valued at $1.2B in its Series B in February 2023.
How much funding has Our Next Energy raised?Our Next Energy has raised $390M across 3 funding rounds.
What was Our Next Energy's last funding round?Our Next Energy's last funding round was a $300M Series B in February 2023, led by Fifth Wall.
Who are Our Next Energy's investors?Our Next Energy's investors include Flex, Breakthrough Energy Ventures, BMW i Ventures, Volta Energy Technologies, Coatue, Assembly Ventures, Temasek, TR.PE, Riverstone, Fifth Wall and 1 other.
Which companies are comparable to Our Next Energy?Companies comparable to Our Next Energy include CMBlu Energy AG, Emerald Horizon, Exeger, NW Storm, Energy Vault and Hyliion.

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