Assembly Ventures, the first transatlantic mobility fund in the world, is proud to announce its investment into Our Next Energy Inc. (ONE), a Michigan-based energy storage solutions startup. ONE has demonstrated technologies that can double the range of electric vehicles, a key to increasing adoption. In addition to improving range, ONE is focused on lowering cost while adopting chemistries that don’t pose a thermal runaway risk.
The US$25 million Series A financing includes a remarkable syndicate consisting of Assembly Ventures, Breakthrough Energy Ventures, BMW i Ventures, Flex [NASDAQ: FLEX], and Volta Energy Technologies. As part of this transaction Assembly Ventures Co-Founder and Partner Chris Thomas will join ONE as a Board Observer.
“Mujeeb and his team at ONE are building revolutionary technology that will help drive EV adoption, and we at Assembly Ventures are excited to be part of the journey,” said Jessica Robinson, Co-Founder and Partner at Assembly Ventures based in Detroit. “The battery space remains ripe with investment yet we believe ONE stands apart for their innovations in energy management and a dual-battery approach, which together can harness high density energy chemistries to significantly expand battery range.”
“In addition to ONE’s dual-battery range extender technology, the company is addressing the entire supply chain from battery pack designs to battery materials,” said Felix Scheuffelen, Co-Founder and Partner at Assembly Ventures based in Berlin. “We believe the combination of technological approach and component chemistry will result in a battery that is capable of high performance and longer range, which is currently a key constraint for potential EV buyers around the world.”
“Assembly Ventures and ONE are uniquely aligned in our missions,” said Mujeeb Ijaz, CEO and Founder of Our Next Energy. “We believe in the power of combining emerging technologies like ours with the industrialization skills and assets found in states like Michigan.”
“The decision to invest in ONE came down to the quality of their team, the uniqueness of their approach, and the importance of their mission,” said Chris Thomas, Assembly Ventures Co-Founder and Partner. “We decided to partner with Mujeeb and his team at ONE given their strong backgrounds across the automotive, energy, and technology sectors. ONE is truly an ‘only-in-Michigan‘ story that exemplifies the opportunity Western industrial centers have to create the technology that will drive the future of mobility. Their focus on upending the chemistry of electrified propulsion, while also creating an ethical and secure supply chain, is both distinct and long overdue.”
ONE will use proceeds from its Series A financing to accelerate growth, hire additional talent, and invest in R&D as it readies for commercialization.
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