Fifth Wall, Franklin Templeton Lead $300M Round for EV Battery Maker ONE
Our Next Energy (ONE), a Michigan-based electric-vehicle battery startup, raised a whopping $300 million Series B funding round, bringing the company’s valuation to $1.2 billion post-money.
The round was led by Fifth Wall and Franklin Templeton, with participation from ONE’s Series A investors Temasek, Riverstone Holdings, Coatue, AI Capital Partners and Sente Ventures.
There were also two undisclosed strategic investors and $220 million in grants from the state of Michigan.
With the Franklin Templeton investment, Richard Piliero, Managing Director at Frankin Templeton, will join ONE’s Board of Directors.
Mujeeb Ijaz, CEO & Founder of ONE and a veteran of Ford, A123 Systems and Apple’s automotive effort, describes the funding round as an important milestone for the company as it prepares to launch its first lithium iron phosphate (LFP) cell factory in Michigan’s Van Buren Township in 2024.
According to Ijaz, ONE is “transitioning from a startup funded by venture capital to a manufacturer fueled by growth capital.”
ONE closed a $62.5 million convertible note led by BMW i Ventures in January as part of the funding round.
Pictured: ONE’s first battery cell factory, ONE Circle