DETROIT: Amid a boom in electric-vehicle production and a race for innovations that improve these new cars’ range and cost, battery startup Our Next Energy said today it has raised US$25 million in a fresh fundraising round.
Ijaz, a veteran of Apple’s secretive car project, said he’s landed his first customer, an EV startup that makes medium-duty delivery trucks. He declined to name the customer but said production will start in November 2022. ONE uses lithium-iron-phosphate, or LFP batteries, which are cheaper and less fire-prone than nickel-based chemistries.
Gates is Breakthrough’s chairman and investors include Amazon.com Inc. co-founder Jeff Bezos and Michael R. Bloomberg, the founder and majority owner of Bloomberg News parent company Bloomberg LP. ONE’s innovation has been to find ways to cut down on the filler material, which enables them to add more cells, and thus store more energy, without increasing the size and cost of the battery pack.
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