Our Next Energy CEO Returns with New Funding

Our Next Energy Welcomes Back Founder as CEO

Mujeeb Ijaz has resumed his position as Chief Executive Officer of the battery technology firm Our Next Energy (ONE), just over a year after initially stepping down from the role.

Concurrent with this leadership change, the company has successfully secured a new round of funding, spearheaded by Crescent Ventures and Trousdale Ventures.

Funding Details Remain Undisclosed

The specific amount of funding raised in this latest round has not been publicly disclosed by ONE. A request for comment regarding the round’s size went unanswered as of the time of this report.

Previous Leadership Transition

Ijaz initially transitioned to the role of Chief Technology Officer (CTO) in December 2023, following difficulties in securing Series C funding.

Paul Humphries, a board member, subsequently assumed the position of CEO. Ijaz was the individual who initially brought Humphries into the leadership structure, leveraging Humphries’ prior experience with Flex, a prominent contract manufacturing company.

Series C Funding Challenges

The anticipated Series C funding round ultimately did not materialize after Just Climate withdrew its commitment to lead the round with a $100 million investment, as reported by Bloomberg in December 2023.

Financial Strain and Restructuring

At that time, ONE was experiencing financial pressures. Despite a substantial $300 million Series B raise, which valued the company at $1.2 billion post-money, the company was actively engaged in constructing a $1.6 billion LFP battery manufacturing facility in Michigan.

To address these financial constraints, a workforce reduction was implemented, resulting in the layoff of 128 employees, representing approximately 25% of the company’s staff.

Leadership Reinstatement and Board Changes

With the infusion of new capital, ONE is reverting to its previous leadership structure, with Ijaz once again serving as CEO, replacing Humphries.

Mansoor Ijaz, brother of Mujeeb and Chairman of Crescent Ventures, will also be joining the company’s board of directors.

Company Origins and Early Successes

Mujeeb Ijaz founded Our Next Energy in 2020, building upon his experience at both Apple and Ford.

The company quickly gained recognition after successfully retrofitting a Tesla Model S with its innovative dual-chemistry battery pack, known as Gemini, achieving an impressive range of 752 miles on a single charge.

Gemini Battery Technology Explained

The Gemini pack’s design allows ONE to utilize LFP chemistry for everyday driving, benefiting from its durability and cost-effectiveness.

When the LFP portion is depleted, the system automatically switches to reserve cells employing a manganese-based chemistry. Manganese cathodes are readily available and inexpensive, though generally less durable; they are well-suited for less frequent use.

Automaker Adoption

While the Gemini pack has undergone testing in a BMW iX, it has yet to be integrated into the production vehicles of any major automotive manufacturer. Notably, BMW was an early investor in Our Next Energy.