Our Next Energy Inc. (ONE), a Michigan-based energy-storage technology company, has closed a $300 million Series B capital raise at a post-money valuation of $1.2 billion.
The funding round was led by Fifth Wall and Franklin Templeton, and was joined by ONE's Series A investors and new growth equity investors Temasek, Riverstone Holdings and Coatue. Two undisclosed strategic investors also participated in this round, including a manufacturer of EV technology solutions and a renewable-energy provider, representing cell offtake agreements. Two new venture equity investors, AI Capital Partners (Alpha Intelligence Capital’s U.S.-based fund) and Sente Ventures (in conjunction with TR.PE), also participated in the round.
“Closing this fundraising round is an important milestone for ONE as we focus on launching our first LFP cell factory in 2024,” said Mujeeb Ijaz, CEO and founder of ONE. “We are transitioning from a startup funded by venture capital to a manufacturer