Our Next Energy Founder Returns as CEO After New Funding
- Mujeeb Ijaz returns as CEO of Our Next Energy
- New funding round led by Crescent Ventures and Trousdale Ventures
- ONE working on advanced battery technology, including dual-chemistry battery pack
- Company facing financial challenges, including a cash crunch
- New funding expected to help company move forward with plans
Background
Our Next Energy (ONE) is a battery startup that has been working on advanced battery technology. The company was founded by Mujeeb Ijaz in 2020 and has been making waves in the industry with its innovative approaches.
Leadership Change
Just over a year after being replaced as CEO, Mujeeb Ijaz is back at the helm of ONE. This change in leadership comes alongside the announcement of a new funding round led by Crescent Ventures and Trousdale Ventures.
New Funding
Although the details of the funding round have not been disclosed, it is expected to help the company move forward with its plans. ONE has been working on a $1.6 billion LFP battery factory in Michigan and has been facing financial challenges.
Battery Technology
ONE's battery technology includes a dual-chemistry battery pack called Gemini. This pack allows for the use of LFP, a durable and low-cost chemistry, for daily driving duties. When the LFP is depleted, the pack's circuitry begins to draw on reserve cells made with a manganese-based chemistry.
Future Plans
With the new funding and leadership, ONE is expected to continue working on its battery technology and move forward with its plans. The company's goal is to make advanced battery technology more accessible and affordable.