BMW Venture Capital Unit Invests in Battery Technology Startup

ONE CEO Mujeeb Ijaz

BMW i Ventures has announced an investment in Our Next Energy Inc. (ONE), a Michigan-based energy storage solutions company. It is working on the development of long-range, low-cost batteries for electric vehicles.

According to BMW, ONE has demonstrated two proprietary technologies. The first, called “Aries,” uses lithium iron phosphate (LFP) chemistry in highly structured cells to pack architectures that reach very high cell-to-pack ratios and system-level energy densities. .. It is claimed to result in increased battery range and cost savings while eliminating nickel and cobalt based chemicals.

The second proprietary technology, named “Gemini”, uses ONE’s unique energy management system and chemistry in a dual battery range extender architecture.

ONE’s first customers will use Aries instead of nickel-based packs, a spokeswoman for the company said.

“Our Next Energy is committed to radically reinventing the battery, with a focus on sustainability, safety and cost. BMW iVentures partner Baris Guzel said: “We are convinced that our next energy has the potential to truly transform space, and we cannot be more excited to participate in their journey. bottom.”

“BMW iVentures has a proven track record of successfully collaborating with startups with cutting-edge technologies to shape future mobility,” said Mujeeb Ijaz, CEO and founder of Our Next Energy. “We are excited to work with Barris and his team in working on a demonstration of core technology.”

BMW’s investment has not been disclosed. BMW said Our Next Energy will use this investment to expand production of its first product.

The company is also attracting investment from Bill Gates’ founder Breakthrough Energy Ventures as part of a total of $ 25 million in a Series A round.

Aries will begin production at the end of 2022 and will work with contract manufacturing partners in Michigan.

ONE and its team of experienced battery engineers were founded in 2020 by Mujeeb Ijaz, a battery system engineer with over 30 years of experience (including working at Ford), rather than using the most sustainable raw materials. Focuses on safe battery chemistry. Build a reliable, low-cost, non-competitive supply chain.

BMW Venture Capital Unit Invests in Battery Technology Startup

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