Our Next Energy, a Novi, MI-based energy storage technology company, raised $300M in Series B funding at a post-money valuation of $1.2 billion.
The round was led by Fifth Wall and Franklin Templeton, with participation from ONE’s Series Ainvestors Temasek, Riverstone Holdings, Coatue, AI Capital Partners and Sente Ventures. In conjunction with Franklin Templeton’s investment in One’s Series B, Richard Piliero, a Managing Director at Franklin Templeton, will join ONE’s Board of Directors. The equity financing is joined with $220M in grants from the state of Michigan for a total of more than $500M to fund a battery cell factory.
The company intends to use the funds to accelerate growth and expand operations.
Lewd by Mujeeb Ijaz, CEO & Founder, Our Next Energy is an energy storage technology company focused on engineering batteries that will accelerate electrification.
The company has signed ten customer agreements for its products, totaling 36 GWh over the next five years, and is further preparing for phase two factory investments ahead of plan.
FinSMEs
01/02/2023