- OIA signed a strategic agreement to explore potential energy storage and battery manufacturing cooperation in the Sultanate.
- This move is part of OIA’s efforts to diversify its international investment portfolio and achieve optimal return on investment and sustainable investments, aligning with Oman’s net zero emissions commitment by 2050.
Oman Investment Authority (OIA) has invested an undisclosed amount in US-based Our Next Energy (ONE), a company specialising in innovative battery technology for electric vehicles (EVs) and energy storage. According to the Omani state news agency, the Omani state investor has signed a strategic agreement to explore potential cooperation in energy storage and battery manufacturing in the Sultanate.
This move is part of OIA’s efforts to diversify its international investment portfolio and achieve optimal return on investment and sustainable investments, aligning with Oman’s net zero emissions commitment by 2050. The Director of Private Equity at OIA, Ibrahim Al Eisari, said, “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.”
The investment firm has made several investments in the energy transition field. The CEO and Founder of Michigan-based electric vehicle battery startup ONE, Mujeeb Ijaz, said that support from investors like Oman Investment Authority “will accelerate ONE’s progress towards a sustainable future and allow the organisation to scale its transportation and grid products into global markets”.
ONE, founded in 2020, aims to accelerate net zero emissions by doubling the electric vehicle range, using safer materials, and establishing a local supply chain. The company focuses on high-density Lithium Iron Phosphate (LFP)-based batteries, known for improving safety and avoiding thermal runaway. ONE’s Aries LFP, Aries II, and Gemini batteries offer driving ranges between 500 and 1,000 km, using safe, sustainable LFP chemistry.