Michigan-based battery startup company Our Next Energy has produced a battery prototype with a range above 750 miles. The range is higher than what all-electric models currently offer. The battery is seen as a gamechanger as the world transitions towards green energy vehicles. Green energy has also been an attractive investment and has delivered strong returns over the last two years. Is Our Next Energy publicly traded and does it have stock?
Green energy stocks had a phenomenal 2021 after Joe Biden, who supports the climate change cause, became the U.S. president. A flurry of green energy companies have gone public over the last two years and many of them have opted for a SPAC reverse merger. Loss-making startup companies have preferred to go public through a SPAC reverse merger since it's an easier process compared to traditional IPOs.
Our Next Energy was founded by Mujeeb Ijaz.
Mujeeb Ijaz, a Pakistani American, founded Our Next Energy in 2020. Ijaz graduated from Virginia Tech and holds 31 patents in the U.S. He has over 30 years of experience working on battery systems and electric vehicles. He has worked with companies like Ford and Apple in the past. At Apple, he was a senior director and developed energy storage solutions.
Apple is rumored to be working on an electric car project named Titan and is expected to launch its first vehicle by the middle of the decade. However, not much is known in public about the project.
Our Next Energy isn't publicly traded yet.
Our Next Energy isn't publicly traded right now. In October 2021, the company announced a Series A funding of $25 million, which was led by Breakthrough Energy Ventures. Flex, Volta Energy Technologies, BMW Ventures, and Assembly Ventures also joined as investors in the round.
What technologies are Our Next Energy working on?
Our Next Energy is working on two technologies. The first one is named Aries and has an energy density of 287 Wh/L (watt-hours per liter) at a system level. It's set to go into production at the end of 2022.
The second technology, which is in the news currently, is Gemini. It has an energy density of 450 Wh/L at a system level. A prototype of the battery delivered a 752-mile range on a Tesla Model S 2021 model.
In 2021, Tesla launched the new Tesla Model S Plaid with an EPA estimated range of 396 miles. However, the company backed out of the Model S Plaid plus, which would have had an even higher range.
A lot of innovation has been happening in the EV battery space and companies like QuantumScape are working on solid-state batteries that can significantly increase the battery range. NIO is coming up with its ET7 sedan in 2022 that would have a range in excess of 600 miles with the 150 kWh battery.
Our Next Energy's battery can revolutionize the EV industry.
Range anxiety is one of the major roadblocks for the higher adoption of electric cars. A higher battery range would lead to higher EV adoption and also lower the need for massive investments in EV charging infrastructure.
Currently, you can't invest directly in Our Next Energy. However, looking at the appetite for green energy companies, Our Next Energy will likely go public sooner than later. There's a high possibility that it would opt for a SPAC reverse merger like many fellow clean energy companies.