Electric vehicle battery startup ONE backed by BMW, Gates-led firm

FILE PHOTO: The logo of German car manufacturer BMW is seen on the company headquarters in Munich, Germany, December 5, 2019. REUTERS/Andreas Gebert

(Reuters) - Michigan-based Our Next Energy, which is developing an advanced battery for electric vehicles, has raised $25 million from investors ranging from German automaker BMW to a clean technology venture firm headed by Microsoft co-founder Bill Gates, the young company said on Monday.

Investors in ONE’s Series A round include BMW iVentures, Detroit-based Assembly Ventures and Chicago-based Volta Energy Technologies, which is partnered with Argonne National Laboratories. Another investor is Singapore-based electronics manufacturer Flex Ltd, which is also a strategic partner with ONE.