Benzinga | Oct 18, 2021 08:09AM EDT

Assembly Ventures Leads $25M Series A For Michigan-Based EV Battery Startup

The first transatlantic mobility fund -- Assembly Ventures -- announced its investment in Michigan-based Our Next Energy Inc (ONE), an energy solutions company.

What Happened: In an attempt to increase the range of electric vehicles and promote adoption, ONE is focused on lower electric vehicle costs while adopting chemistries that don't pose a thermal runaway risk.

In accelerating growth -- through the addition of talents and investment in research and development -- ONE secured a $25 million Series A led by Assembly Ventures, Breakthrough Energy Ventures, BMW i Ventures, Flex Ltd (NASDAQ:FLEX) and Volta Energy Technologies.

"Mujeeb and his team at ONE are building revolutionary technology that will help drive EV adoption, and we at Assembly Ventures are excited to be part of the journey," said Jessica Robinson, Co-Founder, and Partner at Assembly Ventures based in Detroit.

"The battery space remains ripe with investment yet we believe ONE stands apart for their innovations in energy management and a dual-battery approach, which together can harness high-density energy chemistries to significantly expand battery range."

Why It Matters: With its range extension technologies and initiatives to streamline broader battery production, ONE is making electric vehicle ownership more tangible for consumers.

"The reality that EPA-estimated range does not always hold up against real world driving today is something we need to be honest about as an industry," Robinson, added. "Achieving real ranges that consumers and fleet managers can rely on will be key to driving EV adoption."