Muscat – Oman Investment Authority (OIA) has announced an investment in US-based Our Next Energy (ONE), which specialises in innovative battery technology for electric vehicles (EVs) and energy storage.
This investment continues the authority’s efforts to diversify its international investment portfolio and achieve optimal benefit for Oman in terms of returns on investment and sustainable investments that align with the sultanate’s commitment to net zero emissions by 2050.
As part of the investment, OIA and ONE signed a strategic collaboration agreement to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
ONE was founded in 2020 as a battery company with the aim of accelerating the world’s progress towards net zero emissions by doubling the range of electric vehicles, using safer, more abundant materials, and establishing a local supply chain. The company is focused on high-density lithium iron phosphate-based batteries. LFP batteries are created from lower-cost, more abundant iron and are known for improving safety by avoiding thermal runaway. ONE’s Aries LFP, Aries II and Gemini batteries all use safe, sustainable LFP chemistry and offer driving ranges between 500km and 1,000km.
“OIA is proud to be part of this pioneering technology and vision, which aligns with its strategy to focus on sustainable energy and is compatible with national strategies and commitments such as Oman Vision 2040 and the net zero emissions goal by 2050,” said Ibrahim al Eisri, Director of Private Equity at OIA. “EVs are the future, and we are making sure to be a player in the transformation to ensure the growth and sustainability of the EVs’ market as an environmentally responsible investor.”
According to Mujeeb Ijaz, CEO and founder of ONE, having the support of investors like OIA will allow the company to scale its transportation and grid products into global markets and accelerate the progress towards a sustainable future.
This investment comes on the heels of other investments made by OIA in the energy transition field, including Ascend Elements, which specialises in recycling lithium-ion batteries, and Group14, which specialises in manufacturing innovative silicon-carbonate battery materials to replace traditional graphite materials used in lithium-ion batteries.