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On September 6, the board of directors of China Reinsurance approved and disclosed a plan to issue domestic shares to specific targets. The issuance, to be subscribed by the Ministry of Finance in cash, aims to raise a total of RMB 3 billion. After deducting relevant issuance expenses, all proceeds will be used to increase China Reinsurances core tier 1 capital. The final fundraising amount and issuance plan are subject to final approval from relevant regulatory authorities. The issuance price is RMB 1.33 per share, representing a premium over China Reinsurances recent H-share secondary market price. Approximately 2.256 billion shares are planned to be issued, and the subscribers have committed to holding these shares for the long term.Ukrainian President Volodymyr Zelenskyy said on Sunday, ahead of a meeting with the U.S. peace envoy in Kyiv, that Ukraine wants an end to the war and needs security guarantees.September 6th - According to the emergency rescue command center for the "8.26" mudslide disaster in Gyirong County, Tibet Autonomous Region, as of 6 p.m. on September 5th, the disaster has resulted in 43 deaths and 519 missing persons.September 6th - Iranian Parliament Speaker Mohammad Ghalibaf stated in an open parliamentary session today (September 6th) that the recent attacks by Iranian armed forces on US bases "are just the beginning," and that the US should recognize that "the rules of the game have changed." Any future actions against Iranian interests and security will be met with a "faster, fiercer, and more painful" response.On September 6th, special commentator Su Xiaohui stated that Russia and Ukraines agreement to halt attacks on each others capitals for three days, ostensibly to technically ensure the safety of the US delegations trip, actually reflects the ongoing intense power struggle between the two sides. Both are trying to shift the pressure from the US onto their adversaries. Overall, with the Middle East deadlock unresolved, the USs current European diplomatic trip aims to demonstrate its continued diplomatic capability to advance major agendas. Ukraines earlier proposal to halt attacks on the Russian capital was essentially passing the buck to Russia, accusing Russia of undermining the negotiation process; Russias swift response, returning the buck, reflects that both Russia and Ukraine value the USs role, wanting to respond to US diplomatic considerations while simultaneously seeking US support for their own positions.

ONE, A $1.2 Billion Electric Vehicle Battery Maker, Raises $300 Million

Haiden Holmes

Feb 01, 2023 14:57

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Our Next Energy (ONE), a battery startup based in Michigan, announced Wednesday that it has secured a $300 million Series B fundraising round, valuing the three-year-old company at $1.2 billion.


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


ONE is providing prototypes of its Aries I battery pack to various companies for testing, and plans to begin manufacturing Aries II lithium iron phosphate cells at a new facility in Van Buren Township, southeast Michigan, next year, according to ONE's chief executive Mujeeb Ijaz.


Ijaz stated that the plant's initial capacity will be around 2 gigawatt-hours, increasing to 10 GWh by 2026 and 20 GWh by 2027. Eventually, the plant will make Aries II packs and have a prototype line for the dual-chemistry Gemini cells, which ONE plans to begin manufacturing in 2026.


Ijaz stated that the company is evaluating the possibility of constructing a second building on the Van Buren site, as well as the necessity for a second location based on customer demand.


Additionally, ONE is in negotiations with possible North American suppliers of battery raw materials, which might enable the company and its clients to take advantage of Inflation Reduction Act incentives.


Temasek, Coatue, Riverstone Holdings, AI Capital Partners, and Sente Ventures are among the latest investors.


"These are the types of investors who are less concerned with the current economic climate than they are with this century-long shift to electricity," Ijaz explained.


In the Series B round, BMW iVentures, Assembly Ventures, Breakthrough Energy Ventures, Volta Energy Technologies, Flex (NASDAQ:FLEX), and Coatue completed a convertible note for $62.5 million.

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