One has raised substantial capital over multiple funding rounds, most recently completing a Series B in September 2023, securing backing from both institutional and corporate investors. Valued at $1.2 billion as of February 2023, One specializes in developing advanced lithium-ion batteries and sustainable energy solutions for electric vehicles.
What Is One and What Does It Do?
One, founded by Mujeeb Ijaz in 2020, is a Novi, Michigan-based company focused on manufacturing cutting-edge lithium-ion batteries for electric vehicles. The company’s products include sustainable cathode chemistry energy backup solutions that help optimize energy management systems in EVs, supporting performance, efficiency, and reliability.
With a team of around 157 employees, One combines innovation in battery technology with scalable manufacturing solutions. Its platform caters to automotive manufacturers and energy system providers, positioning the company as a forward-thinking player in the electric mobility and sustainable energy sector.
How Much Funding Has One Raised?
1. Series A Round
- Amount Raised: $25M
- Date: October 2021
- Lead Investors: Breakthrough Energy, Assembly Ventures, BMW i Ventures, Volta
- Motivation: To advance early-stage battery technology and scale initial production.
2. Series A Round
- Amount Raised: $65M
- Date: March 2022
- Lead Investors: BMW i Ventures, Coatue, Breakthrough Energy, Assembly Ventures, Volta
- Motivation: To expand R&D and manufacturing capabilities for next-gen battery solutions.
3. Series B Round
- Amount Raised: $300M
- Date: February 2023
- Lead Investors: Fifth Wall, Temasek, Coatue, Sente, Breakthrough Energy, Assembly Ventures, BMW i Ventures, Volta
- Motivation: To accelerate large-scale production and expand market reach for EV energy solutions.
Total Funding Raised: $390 Million
Current Valuation: $1.2 Billion (as of February 2023)
Latest Funding Date: September 2023
Key Investors
1. Fifth Wall
- Details: Venture firm focusing on technology-driven solutions for real estate and energy.
- Investment Focus Areas: Proptech, sustainability, energy storage solutions.
- Notable Investments: Divvy, Clutter, VTS.
2. Temasek
- Details: Global investment company based in Singapore with a diverse portfolio across sectors.
- Investment Focus Areas: Technology, sustainability, mobility.
- Notable Investments: Grab, PatSnap, QuantumScape.
3. Breakthrough Energy
- Details: Focused on funding companies accelerating the clean energy transition.
- Investment Focus Areas: Renewable energy, electric mobility, climate tech.
- Notable Investments: QuantumScape, CarbonCure, Form Energy.
4. BMW i Ventures
- Details: Investment arm of BMW Group, supporting innovative mobility and automotive technologies.
- Investment Focus Areas: Electric vehicles, battery tech, autonomous driving.
- Notable Investments: One, ChargePoint, Aeva.
Where Is One’s Headquarters?
One is headquartered in Novi, Michigan, United States, a strategic location that supports its manufacturing operations and close collaboration with automotive partners.
What’s Next for One?
One is focused on scaling its battery production and refining its sustainable cathode technologies to meet growing demand in the EV sector. With strong backing from top institutional and corporate investors, the company is positioned to expand partnerships with automakers and energy providers globally.
Continued innovation in energy management and battery performance will be critical as One aims to become a leading name in electric mobility solutions.
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