Our Next Energy’s Founder Returns as CEO After New Funding

Just over a year after stepping down as CEO of battery startup Our Next Energy (ONE), Mujeeb Ijaz has returned to lead the company. This announcement coincides with the closing of a new funding round led by Crescent Ventures and Trousdale Ventures.

ONE has not disclosed the round’s size and did not respond to requests for comment.

Ijaz originally stepped aside in December 2023, becoming CTO after ONE struggled to secure a Series C round. Board member Paul Humphries, whom Ijaz had recruited for his experience at Flex, took over as CEO. The Series C collapsed when Just Climate withdrew a planned $100 million investment, Bloomberg reported.

Financial Struggles and Workforce Reduction

At the time, ONE faced financial difficulties despite raising $300 million in a Series B at a $1.2 billion valuation. The company was building a $1.6 billion LFP battery factory in Michigan and had to lay off 128 employees—about 25% of its workforce—to stabilize operations.

With fresh funding, Ijaz has reclaimed the CEO role, replacing Humphries. His brother, Mansoor Ijaz, Chairman of Crescent Ventures, will also join the board.

Ijaz founded ONE in 2020 after working at Apple and Ford.

Breakthrough with the Gemini Battery Pack

The startup gained attention by retrofitting a Tesla Model S with its dual-chemistry Gemini battery pack, allowing the vehicle to travel 752 miles on a single charge.

Gemini’s design integrates LFP, a durable and cost-effective chemistry, for daily driving. Once depleted, the system switches to reserve cells using a manganese-based chemistry. While manganese cathodes are abundant and affordable, they are less durable, though promising for occasional use.

Despite being tested in a BMW iX, the Gemini pack has yet to be adopted by a major automaker. However, BMW was an early investor in ONE.

Read the original article on: TechCrunch

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