Muscat, Oman — Oman Investment Authority (OIA) announced its investment in the US-based company ‘Our Next Energy (ONE),’ which specializes in innovative battery technology for Electric Vehicles (EVs) and energy storage.
As part of the investment, OIA and ONE signed a Strategic Collaboration Agreement (SCA) to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
This investment comes on the heels of other investments made by OIA in the energy transition field. This includes investments in Ascend Elements, which specializes in recycling lithium-ion batteries, and Group14, which specializes in manufacturing innovative silicon-carbonate battery materials to replace traditional graphite materials used in lithium-ion batteries, Oman News Agency reported.
This step comes in continuation of OIA’s efforts to diversify its international investment portfolio and achieve optimal benefit for Oman in terms of return on investment and sustainable investments that align with Oman’s commitment to net zero emissions by 2050, ONA said.
“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 Eisari, Director of Private Equity at OIA.
“Having the support from investors like Oman Investment Authority will accelerate ONE’s progress towards a sustainable future and allow the organization to scale its transportation and grid products into global markets,” said Mujeeb Ijaz, CEO and Founder of ONE.
ONE is focused on high-density LFP (Lithium Iron Phosphate)-based batteries, which are created from lower-cost, more abundant iron and are known for improving safety by avoiding thermal runaway.