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Just over a year after being replaced as CEO of thebattery startupOur Next Energy ( ONE),Mujeeb Ijazis back at the helm . Alongside this news , the company announced the close of a raw backing round led by Crescent Ventures and Trousdale Ventures .
ONE did not eject any details about the round ’s size , nor did it respond to a postulation for comment by the time of publication .
As for the leadership reorganization , Ijaz first stepped by in December 2023,taking the deed of CTO , after the startup struggled to conjure a Series C. He was then replaced as CEO by board phallus Paul Humphries . Ijaz had recruited Humphries to the leading purpose , in all probability due to Humphries ’ experience at Flex , a contract bridge manufacturer .
The Series C fell through after Just Climate pluck out of lead the beat with a $ 100 million investment , Bloombergreportedin December 2023 .
At the prison term , ONE was face a hard currency crunch . The company had lift a massive$300 million in a Series Bthat valued the company at $ 1.2 billion post - money , but it was in the middle of building a $ 1.6 billion LFP shelling manufacturing plant in Michigan .
To shore up finances , it ended up laying off 128 employees , around 25 % of its staff .
With its invigorated funding , ONE is once again wheel its leadership with Ijaz now replacing Humphries . Ijaz ’s brother , Mansoor , chairman of Crescent Ventures , will also unite the board .
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Ijaz started ONE in 2020 after least sandpiper at Apple and Ford .
The inauguration quickly made a splash after retrofitting a Tesla Model S with its dual - alchemy shelling face pack , call Gemini , enabling the sedan chair to travel 752 miles on a single charge .
Thedual - chemistry packallowed ONE to practice LFP , a perdurable , low - toll chemistry , to handle casual driving duties . When it was eat , the pack ’s circuitry would then start to draw on reserve cellsmade with a manganese - based chemistry . The materials in manganese cathodes are abundant and cheap , but they incline to be less long-lasting . For infrequent use , though , they show hope .
Despite also being testedin a BMW iX , ONE ’s Gemini pack conception has yet to be acquire by a major automaker . However , BMW was an early investor in ONE .
