Battery Startup Our Next Energy Welcomes Back Founder as CEO After Securing New Funding
In a significant turn of events, Mujeeb Ijaz has returned as CEO of Our Next Energy (ONE), a promising battery startup known for its innovative technology. This leadership change comes on the heels of the company successfully closing a new funding round, led by Crescent Ventures and Trousdale Ventures, although details regarding the funding size remain undisclosed.
Leadership Changes at Our Next Energy
Mujeeb Ijaz originally stepped down from his role as CEO in December 2023, transitioning to the position of Chief Technology Officer (CTO) after facing challenges in securing a Series C funding round. Paul Humphries, a board member and former leader at Flex, took over the CEO role during this tumultuous period.
Funding Challenges and Company Restructuring
The Series C funding round encountered significant hurdles when Just Climate withdrew its commitment to invest $100 million, as reported by Bloomberg. At that time, ONE was grappling with a financial crisis, having previously raised a substantial $300 million in Series B funding, which valued the company at $1.2 billion. However, the company was concurrently investing in a $1.6 billion lithium iron phosphate (LFP) battery factory in Michigan.
- ONE laid off 128 employees, accounting for about 25% of its workforce, to mitigate the cash crunch.
- With the recent funding secured, Ijaz has reclaimed the CEO position, and his brother, Mansoor Ijaz, will join the board as chairman of Crescent Ventures.
Innovations in Battery Technology
Mujeeb Ijaz founded Our Next Energy in 2020 after gaining experience at major companies like Apple and Ford. The startup gained recognition for its groundbreaking Gemini dual-chemistry battery pack, which retrofitted a Tesla Model S to achieve an impressive travel distance of 752 miles on a single charge.
How the Gemini Battery Works
The Gemini battery technology utilizes two types of chemistry:
- LFP (Lithium Iron Phosphate): A robust and cost-effective option for daily driving.
- Manganese-based Chemistry: Used for reserve cells, this material is abundant and affordable but offers less durability.
This innovative design has potential applications beyond Tesla, having also been tested in a BMW iX. Notably, BMW was among the early investors in ONE, reflecting their interest in the company’s pioneering technology.
Looking Ahead
As ONE continues to navigate the complexities of the battery market, the return of Mujeeb Ijaz as CEO marks a crucial step towards stabilizing the company and driving future innovations. With the fresh influx of funding and a reshaped leadership team, ONE aims to solidify its position in the competitive landscape of battery technology.
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