The Oman Investment Authority (OIA) has recently invested an undisclosed sum in Our Next Energy (ONE), a US-based company specialising in cutting-edge battery technology for electric vehicles (EVs) and energy storage solutions.
According to reports from the Omani state news agency, the Omani state investor has formalised a strategic agreement with ONE to explore potential collaborations in the fields of energy storage and battery manufacturing within the Sultanate of Oman.
This strategic move is in line with OIA’s broader efforts to diversify its international investment portfolio while aiming for optimal returns on investment and sustainable ventures, consistent with Oman’s commitment to achieving net-zero emissions by 2050.
Ibrahim Al Eisari, the Director of Private Equity at OIA, emphasized the importance of this investment, stating, “Electric vehicles are the future, and we are committed to actively participating in this transformation to ensure the growth and sustainability of the electric vehicle market as environmentally responsible investors.”
OIA has previously made investments in companies operating in the energy transition sector, such as Ascend Elements, a firm specializing in the recycling of lithium-ion batteries, and Group14, a company focused on the production of innovative silicon-carbonate battery materials to replace traditional graphite materials.
Mujeeb Ijaz, CEO and Founder of ONE, expressed enthusiasm about the support from Oman Investment Authority, noting that it will greatly accelerate ONE’s progress toward a sustainable future, enabling the organization to expand its transportation and grid products into global markets.
ONE, a startup based in Michigan and founded in 2020, is dedicated to advancing the cause of achieving net-zero emissions. Their approach involves doubling the range of electric vehicles, utilizing safer materials, and establishing a local supply chain.
The company specialises in high-density Lithium Iron Phosphate (LFP)-based batteries, renowned for their enhanced safety and prevention of thermal runaway incidents. ONE’s product lineup includes Aries LFP, Aries II, and Gemini batteries, which offer impressive driving ranges between 500 and 1,000 kilometers, all while employing sustainable and secure LFP chemistry.
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