ONE Raises Additional $65M to Expand R&D, Planning US Battery Factory
Summary
ONE has signed contracts with four customers totaling more than 25 GWh of energy storage capacity over the next five years, equating to approximately 300,000 electric vehicle battery packs. The ONE battery factory marks a significant development in its path to accelerate electrification with safer, more powerful energy storage technologies that use more sustainable raw materials while creating a reliable, low cost and conflict-free supply chain. "Todays announcement of ONEs battery factory in the US is an important step for the larger electric vehicle value chain, and ONE has the potential to truly transform the ecosystem." "We believe ONE is creating transformative battery cell and pack technologies," said Jaimin Rangwalla of Coatue Management. The company will accelerate its R&D efforts for the high-energy-density TM dual-chemistry battery in Michigan and the Bay Area, as in early February.
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