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Energy Storage

Our Next Energy raises $300 million for battery factory

by Matt Blois
February 10, 2023 | A version of this story appeared in Volume 101, Issue 6
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The battery company Our Next Energy (ONE) has raised $300 million to help fund a $1.6 billion lithium iron phosphate (LFP) battery factory in Michigan. The company announced in October that it had received $220 million in state grants for the plant, and construction is already underway. Investors include an undisclosed electric vehicle technology firm and a renewable energy provider, both of which intend to buy ONE’s batteries. The company hopes to combine proven LFP battery cells with next-generation lithium-metal cells in a single battery pack to increase the range of electric vehicles.

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