Our Next Energy, a developer of battery energy storage systems, said it plans to build a battery factory in the United States after raising $65 million in a new round of financing, according to foreign media reports.
Mujeeb Ijaz, CEO of Our Next Energy, which is headquartered in (Novi), Novi, Michigan, said that they are currently looking for sites to build the plant and have narrowed it down to four states, but he did not disclose the names of the four states.
Our Next Energy said the new plant would be used to produce its Aries battery packs for four of its customers. The new investment will also be used to speed up the research and development of its Gemini batteries, the company said in a statement. The company said it showed off the Gemini battery in December, which will have a range of more than 750miles (1207 kilometers). Ijaz said its next energy plan is to use Gemini batteries in cars in 2026, but it has not yet signed a production contract with any carmaker.
The company's current round of financing was led by BMW I Ventures, and Coatue Managemen, a private equity firm from New York, as a new investor. Last October, Our Next Energy completed the first round of financing in the company's history, worth $25 million, and some of the investors who participated in the first round of financing also participated in the company's new round of financing.
"the core principles of Our Next Energy are doubling battery life, reducing battery costs and building a local supply chain, which resonate strongly with BMW I Ventures," said Baris Guzel, a partner at BMW I Ventures.
