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Riverstone Energy Limited (REL) announced on 6 February 2023 a $12.5 million commitment. This investment is part of Our Next Energy's (ONE) $300 million Series B Preferred Equity Round, which values ONE at over $1 billion. ONE will use the proceeds to complete ONE Circle, its first Lithium Iron Phosphate (LFP) battery manufacturing plant.
| Date | 6 Feb 2023 |
| Time | 07:00:04 |
| Category | Corporate updates |
| ID | 9456O |
Annual Report and Financial Statements for the year ended 31 December 2021
LEI: 213800HAZOW1AWRSZR47
6 February 2023
Riverstone Energy Limited
REL Commits $12.5 Million to Our Next Energy's $300 Million Series B Preferred Equity Round
Riverstone Energy Limited (REL) is pleased to announce a $12.5 million commitment to Our Next Energy's (ONE) $300 million Series B round, valuing the company at over $1 billion.
ONE is a Michigan-based energy storage technology company working to develop batteries for mobility and large-scale storage applications. ONE will use the proceeds of the round to complete ONE Circle, its Van Buren Township, Michigan facility, which will be its first Lithium Iron Phosphate (LFP) battery manufacturing plant.
REL joins leads Fifth Wall and Franklin Templeton, as well as Temasek, Coatue, AI Capital Partners, and Sente Ventures in the round.
This investment, along with the Company's recent decarbonisation investments in Group14, Tritium, and Infinitum, among other decarbonisation companies, demonstrates REL's continued efforts to increase its exposure to the global energy transition thematic, while also providing the opportunity to create value for its shareholders.
About Our Next Energy
ONE is a Michigan-based energy storage technology company focused on engineering batteries that will accelerate electrification. ONE's vision is to: Double the range of electric vehicles; use safer, more sustainable raw materials; and establish a localized supply chain. Visit one.ai to learn more.
About Riverstone Energy Limited
REL is a closed-ended investment company which invests in the energy industry that has since 2020 been exclusively focussed on pursuing and has committed $193 million to a global strategy across decarbonisation sectors presented by Riverstone's investment platform. REL's ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE. REL has 16 active investments spanning decarbonisation, oil and gas, renewable energy and power in the Continental U.S., Western Canada, Europe and Australia.
For further details, see www.RiverstoneREL.com
Neither the contents of Riverstone Energy Limited's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.
Media Contacts
For Riverstone Energy Limited:
Josh Prentice
+44 20 3206 6300