Energy storage developer Our Next Energy said it plans to build a battery plant in the U.S. after raising $65 million in a new round of funding.
The factory will be used to produce the company's Aries battery pack for four customers.
Our Next Energy, based in Novi, Mich., is shopping for plant locations and has narrowed down the location to four unnamed states, CEO Mujeeb Ijaz told Automotive News.
The new investment will also go toward expediting R&D of the company's Gemini battery, a company statement said. Our Next Energy said it demonstrated in December that the Gemini will have a range of more than 750 miles.
Our Next Energy is eyeing a 2026 automotive launch for the Gemini, although the company is not yet under contract with an automaker to produce it, Ijaz said.
The funding round was led by BMW i Ventures, with New York-based private equity firm Coatue Management joining in as a new investor.
In October, Our Next Energy raised $25 million in a first round of investments, and several original investors joined in the latest funding efforts.