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Electric vehicle battery startup Our Next Energy Inc. hired a Chicago-based financial consultant specializing in distressed businesses in its quest to rebound from a failed Series C fundraising round.
The suburban Detroit battery manufacturer recently tapped Birch Lake Partners, a merchant bank known for its work with struggling startups, two sources with knowledge of the matter told Crain's Detroit Business, an affiliate of Automotive News. The bank was brought on as a financial adviser but not an investor, one of the sources said.
Our Next Energy told Crain's in a statement that its fundraising pursuit "remains a critical part of … efforts to build an American battery company."
"As part of these efforts, the company has worked with several investment consultants since ONE was founded in 2020," the company said. "These consultants help the company identify the best path forward for securing the necessary support to fully fund our business plan, build a battery cell factory in Michigan and accelerate the country's transition to electrification."
The company declined to comment further on the status of its fundraising.
Progress on that front was derailed at the end of last year when the automotive industry hit the brakes on the EV transition due to dramatically less demand than anticipated. The pullback hit suppliers hard and left ONE imperiled.
After its Series C fell apart with the withdrawal of London-based venture capital firm Just Climate, the startup demoted its founder as CEO and installed a new executive steeped in
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