Oman Investment Authority (OIA) has invested in the US-based company ‘Our Next Energy (ONE),’ which specializes in innovative battery technology for Electric Vehicles (EVs) and energy storage.
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.
This move 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.
As part of the investment, OIA and ONE signed a Strategic Collaboration Agreement (SCA) in order to explore potential areas of collaboration in energy storage and battery manufacturing in Oman.
Mr. Ibrahim Al Eisari, Director of Private Equity at OIA, said that, “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.”
“Electric vehicles are the future, and we are making sure to be a player in the transformation to ensure the growth and sustainability of the electric vehicles’ market as an environmentally responsible investor,” Mr. Al Eisari added.
Mr. Mujeeb Ijaz, CEO and Founder of ONE, stated that, “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.”
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