In January 2026, the company suspended its EV battery investments and focused on making batteries used for rail, defense and utility-scale energy storage systems instead. ONE has signed a term sheet with GE Vernova to collaborate on boosting the U.S. energy transition with locally manufactured battery technology. The company achieved both ISO 9001 certification and UN 38.3 certification of the ONE OTP Cell, reflecting ONE's evolution into a mature U.S. OEM built around quality, safety, and scalable production.
Cyborg Score Rationale
The company has raised $916.0M in total across 5 funding rounds, demonstrating strong investor backing. However, a major EV customer departure in January 2026 forced a strategic pivot away from EVs, resulting in a 45% workforce reduction. While repositioning toward higher-demand utility-scale storage provides resilience, the pivot signals execution challenges in the original EV market.
Top Insights
Strategic pivot in January 2026 from EV to rail, defense, and utility-scale energy storage reflects market demand realities, potentially improving cash flow visibility
ONE Circle facility provides vertically integrated U.S. battery manufacturing from cell to system, supporting IRA compliance and supply-chain resilience
Significant workforce reduction (45%) in January 2026 due to customer loss indicates execution volatility but positions company for lower cost base
Backing from top-tier investors including Temasek, Coatue, and Breakthrough Energy Ventures provides strategic support and capital access
Named Competitors
American Battery Factory — U.S. battery manufacturing startup focused on LFP cells
K2 Energy Solutions — Energy storage and LFP battery systems provider
iM3NY — U.S.-based LFP cell manufacturer for EVs and stationary storage
Fluence Energy — Grid-scale energy storage software and systems
Tesla Energy Storage — Large-scale battery energy storage systems (Megapack)
Recent Developments
(May 2026) Joint venture with Pomega Energy Storage Technologies for 314 Ah LFP battery cells
(January 2026) Strategic pivot away from EV batteries; 45% workforce reduction following unnamed customer departure
(Late 2025) ISO 9001 and UN 38.3 certification achieved for ONE OTP Cell
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