- Companies
- Our Next Energy
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Feb 2023 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Series B | Fifth Wall (lead); Temasek; TR.PE; Riverstone; Sente Ventures; Coatue | $300M | $1.2B | Our 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 2022 | Series A | BMW 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 2021 | Series A | Breakthrough 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Oct 2021 | ||
| 2 | Lead | Oct 2021 | ||
| 2 | Lead | Oct 2021 | ||
| 2 | Participant | Oct 2021 | ||
| 2 | Participant | Mar 2022 | ||
| 2 | Participant | Oct 2021 | ||
| 1 | Participant | Feb 2023 | ||
| 1 | Participant | Feb 2023 | ||
| 1 | Participant | Feb 2023 | ||
This data is available for Pro users. Sign up to see all 11 Our Next Energy investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialOur 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.2B | - | ||
| Publicly listed | $259K | ($523K) | $1.2B | - | ||
| Private | - | - | $860M | - | ||
| Private | - | - | $1.7B | - | ||
| Publicly listed | $204M | ($83M) | $769M | 3.6x | ||
| Publicly listed | $3M | ($60M) | $729M | 60.8x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | $404M | 1.2x | 1.2x | 3.9x | 4.2x | |||
| $1.8B | $325M | 0.7x | - | 3.8x | 5.0x | |||
| $84M | - | 10.8x | - | - | - | |||
| $199M | $44M | 6.6x | 4.8x | 29.9x | 22.5x | |||
| $259K | ($523K) | 4824.8x | - | (2390.4x) | - | |||
| $146M | $115M | 14.5x | 6.3x | 18.4x | 8.7x | |||
| $1.3B | $218M | 4.2x | 2.4x | 25.3x | 12.1x | |||
| $755M | ($210M) | 2.7x | 2.2x | (9.7x) | 52.8x | |||
This data is available for Pro users. Sign up to see all Our Next Energy competitors and their valuation data. Start Free Trial | ||||||||
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. |
See companies similar to Our Next Energy
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




