Michigan Battery Startup ONE Raises $300 Million to Fund Factory
- Fifth Wall, Franklin Templeton, Temasek among new investors
- Michigan battery plant to start producing LFP cells next year
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Our Next Energy Inc., the Michigan battery startup founded by Apple Inc. veteran Mujeeb Ijaz, has raised $300 million to help fund the first phase of a battery cell plant it’s building in the state.
The fundraising values the company at $1.2 billion and was led by two new investors, real estate-focused venture firm Fifth Wall and Franklin Templeton. Temasek, Riverstone Holdings and Coatue also joined the round, as did existing investors BMW i Ventures, Volta Energy Technologies and Bill Gates’ Breakthrough Energy Ventures. The funding round includes a $62.5 million convertible note, which closed last year.