1 March 2023
Under the Radar: Michigan’s Our Next Energy on US$1.2b valuation; US$300m Series B funding; assessment of the battery market; manufacturing of LFP batteries; building of US gigafactory; tapping US Inflation Reduction Act; Strategic value of latest round of investors including Temasek
Batteries are on the table today, and no - we are not talking about your AAA batteries here.
Rather, we’re going to talk about lithium iron phosphate batteries that can be used to power electric vehicles, as well as battery packs and grids that can be used to power factories, data centres and communities.
On that note, a Michigan startup called Our Next Energy is aiming to double the range of electric vehicles with such battery solutions. It is also aiming to do so in a more sustainable way by using materials that are abundant in supply and available locally.
But how does it actually work and how is the startup transforming the battery market, and how is it tapping the US Inflation Reduction Act in its production plans?
The company also recently announced that it has closed a massive US$300 million Series B, with Temasek being one of the investors. But what is the company doing with the money?
On Under the Radar, Drive Time’s finance presenter Chua Tian Tian sat down with Mujeeb Ijaz CEO and Founder of Our Next Energy for more.

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