What battery tech could mean for real estate
“There is no carbon-zero future without mass deployment of high-performance, high-capacity batteries to everything with a roof, ”said Brendan Wallace, co-founder and managing partner of Fifth Wall.
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In short, the transition to renewable energy will demand batteries — and recent legislation is only accelerating that move. Let’s take a look at a new Fifth Wall investment in the future of batteries.
Our Next Energy, ONE, is an energy storage technology company that has developed a battery for EVs with a 600-mile range(for comparison, the average range for EVs on the market is around 200 to 250 miles).“Batteries are a fundamental component of the global energy transition economy,” said Peter Gajdoš, partner and co-head of the climate technology investment team at Fifth Wall. “ONE is firmly at the forefront of driving this systemic shift. ”The details on the company’s recently announced funding round: ONE closed $300 million Series B capital raise at a $1 billion pre-money valuation. Fifth Wall led the round and was joined by ONE’s Series A investors such as Breakthrough Energy Ventures, Volta Inc., Assembly Ventures, and BMW i Ventures. The financing round is joined with $220 million in grants from the State of Michigan, for a combined total of more than $550 million of capital in support of ONE’s growth.
What’s exciting: Aside from making longer-range and safer batteries than the standard options out there, ONE also uses materials that are easier to source domestically. A domestic supply chain is critical — no one wants to be at the mercy of global supply chain issues. With the help of state grants, ONE built out its gigafactory, ONE Circle, where production will start in 2024.Check out Bloomberg’s coverage and our explainer video on the future of batteries with ONE’s CTO.
