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Our Next Energy (ONE), an electric battery startup firm, has appointed a new chief executive officer. It named Paul Humphries as its new CEO, who will lead the company.
Humphries will be replacing Mujeeb Ijaz, who is also the company's founder. The outgoing CEO has held the position since establishing ONE in 2020. The new chief is expected to take over now as his appointment is effective immediately.
Mujeeb Ijaz’s New Role at ONE
Once Ijaz steps down, he will become the vice chairman of the board and will also lead the product engineering unit as the chief technology officer. According to Reuters, Ijaz has worked at Apple Inc. and managed Ford Motor Company's next-level-zero emissions powertrains. He also held an executive position.
Ijab is a veteran in the business with 30 years of experience in the field. At any rate, under his leadership, ONE just slashed its workforce by 25% last month, affecting 128 staff. The company said this move was due to the current market conditions.
Future Plans Under New Leadership
The Michigan-headquartered electric vehicle battery firm said that with Humphries taking on the rein from Iljaz, it will continue to set its sights on constructing its gigafactory in Michigan. It will also work on developing a supply chain for batteries in North America. In February, ONE confirmed it could raise $300 million in Series B funding, bringing its value to $1.2 billion. The company will use part of these funds for its new plant.
"There remains an incredible need for a U.S. battery manufacturer and domestically made cells that extend range, increase energy density, and utilize abundant materials," Paul Humphries said in a press release. "It is an honor and privilege to help lead this company and a talented team through its next chapter as we implement ONE's inspiring vision and focus on scaling production of LFP cells in Michigan to serve transportation and energy storage markets with transformative technology."
Mujeeb Ijaz also commented about the leadership shuffle, "Change is necessary for growth, and we believe this is our opportunity and the time for growth. Through hard work and diversity of leadership, ONE will achieve our united vision of becoming the North American battery manufacturer."
Photo by: ONE Press Release
