BMW i Ventures on Monday announced that it is investing in Our Next Energy (ONE), a Michigan-based energy storage solutions company working to develop longer-range, lower-cost batteries for electric vehicles.
ONE has demonstrated two proprietary technologies – the first, called 'Aries,' uses Lithium Iron Phosphate (LFP) chemistry in an advanced structural cell to pack architecture reaching very high cell to pack ratios and system-level energy density. This increases battery range and decreases cost while eliminating nickel and cobalt-based chemistries. The second, dubbed 'Gemini,' uses the company's proprietary energy management system and chemistry in a dual battery range extender architecture.
Baris Guzel, Partner, BMW i Ventures, said, “Our Next Energy is working to fundamentally reinvent the battery while focusing on sustainability, safety and cost; three key factors which will help speed the development and adoption of battery electric vehicles. We are convinced that Our Next Energy has the potential to truly transform the space, and we could not be more excited to join their journey.”
Mujeeb Ijaz, CEO and Founder, Our Next Energy, said, “We are excited to collaborate with Baris and his team as we work to demonstrate our core technologies. Our Next Energy will use the investment to scale the production of its first products.'