Battery startup Our Next Energy Inc. raised $300 million in its series B funding round, the company said Wednesday.
The investments valued the Michigan company at $1.2 billion.
The company intends to use the funds for building the second phase of a $1.6 billion battery cell factory slated for completion in 2024, company founder and CEO Mujeeb Ijaz told Automotive News.
Coupled with $220 million in grants from the state of Michigan, the company, known as ONE, now has received more than $500 million to fund the Van Buren Township, Mich., battery cell factory. Workers completed construction of the factory's exterior in December 2022.