February 9, 2023: Battery developer Our Subsequent Power (ONE) stated on February 1 that it closed a $300 million sequence ‘B’ capital elevating at a post-money valuation of $1.2 billion.
The $300 million in fairness financing shall be added to $220 million in grants from the US state of Michigan to fund ONE’s plans to launch an LFP battery manufacturing facility in Michigan by 2024.
The spherical was led by Fifth Wall and Franklin Templeton and included ONE’s sequence ‘A’ buyers along with new enterprise fairness buyers.
A founder and CEO Mujeeb Ijaz stated: “We’re transitioning from a enterprise capital funded start-up to a progress capital pushed producer. That’s necessary on this atmosphere the place the pressing want for US-based cell manufacturing is growing, supported by the Inflation Discount Act, in a real public-private partnership.
ONE Circle in Michigan is the corporate’s first battery cell manufacturing facility, with exterior development accomplished in December 2022.
Peter Gajdoš, companion and co-head of Fifth Wall’s local weather know-how funding staff stated: “Batteries are a elementary a part of the worldwide vitality transition economic system.
“ONE’s next-generation mobility and nonstop storage purposes are a sport changer and are set to rework the $100 billion-plus battery market.”
One closed on a $62.5 million convertible notice in January 2022 as a part of sequence ‘B’.