Oman Investment Authority invests in US-based Our Next Energy
Michigan-based electric vehicle battery startup ONE, founded in 2020, aims to accelerate net zero emissions by doubling the electric vehicle range, using safer materials, and establishing a local supply chain.
Oman Investment Authority (OIA) has invested an undisclosed amount in US-based Our Next Energy (ONE), a company specialising in innovative battery technology for EVs and energy storage.
According to the Omani state news agency, the Omani state investor has signed a strategic agreement to explore potential cooperation in energy storage and battery manufacturing in the Sultanate.
This move is part of OIA's efforts to diversify its international investment portfolio and achieve optimal return on investment and sustainable investments, aligning with Oman's net zero emissions commitment by 2050.
"Electric vehicles are the future, and we are making sure to be a player in the transformation to ensure the growth and sustainability of the electric vehicles’ market as an environmentally responsible investor," said Ibrahim Al Eisari, Director of Private Equity at OIA.
The investment firm has made several investments in the energy transition field, including Ascend Elements, a company specialising in recycling lithium-ion batteries, and Group14, a company manufacturing innovative silicon-carbonate battery materials to replace traditional graphite materials.
"Having the support from investors like Oman Investment Authority will accelerate ONE’s progress towards a sustainable future and allow the organization to scale its transportation and grid products into global markets," said Mujeeb Ijaz, CEO and Founder of ONE.
Michigan-based electric vehicle battery startup ONE, founded in 2020, aims to accelerate net zero emissions by doubling the electric vehicle range, using safer materials, and establishing a local supply chain.
The company focuses on high-density Lithium Iron Phosphate (LFP)-based batteries, known for improving safety and avoiding thermal runaway. ONE's Aries LFP, Aries II, and Gemini batteries offer driving ranges between 500 and 1,000 km, using safe, sustainable LFP chemistry.
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Edited by Suman Singh