EV battery maker ONE raises $300 million, now valued at $1.2 billion

FILE PHOTO: Workers are seen at the production line of lithium-ion batteries for electric vehicles (EV) at a factory in Huzhou, Zhejiang province, China August 28, 2018. REUTERS/Stringer ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.

(Reuters) - Michigan-based battery startup Our Next Energy (ONE) on Wednesday said it closed a $300 million Series B funding round that takes the three-year-old company’s valuation to $1.2 billion.

The latest round, led by investors Franklin Templeton and Fifth Wall, makes Our Next Energy one of the most valuable privately held battery companies in the United States.