From pv magazine USA
Our Next Energy (ONE) has secured US$65 million (AU$88 million) in a funding round led by BMW i Ventures to scale up its electric vehicle business. The funds add to a US$25 million (AU$34) Series A funding round in October that was led by Breakthrough Energy Ventures.
ONE has signed contracts with four automakers and has a five-year, 25GWh energy storage pipeline. This equates to 300,000 electric vehicles, it said. It noted that the latest round of funding will help it begin the site selection process for its first US-based battery factory. It said it will also accelerate R&D in Michigan and San Francisco.
In January, ONE created a proof-of-concept device with 732 miles (1178 kilometres) of range. In another pilot, the company paired a Tesla Model S with an experimental battery with 203.7kWh and an energy density of 416Wh/L. The battery was able to power the Model S at 88km/h for 882 miles (1420 km) on a single charge, as validated by third-party testing.
“ONE’s core principles of doubling the range, decreasing the cost of the batteries and creating a local supply chain, resonated strongly with us at BMW i Ventures,” said Baris Guzel, partner at BMW i Ventures. “ONE’s battery factory in the US is an important step for the larger electric vehicle value chain, and ONE has the potential to truly transform the ecosystem.”
The company builds lithium-ferro-phosphate batteries, which don’t need earth-rare cobalt, said ONE. It currently has two proof-of-concept battery models: the Aries and the larger Gemini, which was used in the Tesla demonstration. ONE said it will begin Aries production in late 2022, and will demonstrate a production-level prototype of Gemini in 2023.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.