Status: Active
Sector: Energy
Industry: Renewable Energy, Energy Storage Solutions, Electric Vehicle Batteries
Summary: ONE is a Michigan-based company creating durable,safe and sustainable energy storage solutions.
Company Overview: ONE is aiming for a fundamental shift in energy storage. The company focuses on overcoming barriers in battery technology to enable wider adoption of EVs. ONE is involved in all aspects of battery technology, including battery cell chemistry, thermal management and software integration.
Business Model:
ONE differentiates itself in the energy storage sector with its high-capacity and long-lasting batteries. The company generates revenue by selling its batteries to electric vehicle manufacturers and energy storage projects. Additionally, they offer battery leasing and maintenance services, creating supplementary revenue streams.
Product & Services:
- Gemini Battery System: ONE’s flagship battery system offers longer range and shorter charging times for electric vehicles.
- Energy Storage Solutions: Provides high-capacity energy storage systems for renewable energy sources like solar and wind.
- Battery Management Services: Offers data analytics and monitoring services to maximize battery performance and lifespan.
Key People:
Paul Humphries: Founder and CEO
Mujeeb Ijaz: CTO
Jody Davis: CFO
Investment & Growth Information:
As of February 2023, ONE closed a $300 million Series B funding round, raising its valuation to $1.2 billion. The investment round was led by Franklin Templeton and Fifth Wall, with participation from Temasek, Coatue, Riverstone Holdings, AI Capital Partners, and Sente Ventures. This funding will help ONE scale up production and further develop its battery technologies.