Novi, Michigan: November 16, 2023 – GE Vernova and Our Next Energy Inc. (ONE) have signed a term sheet to collaborate on advancing U.S. energy storage solutions with domestically produced battery technology.

This partnership involves ONE supplying lithium iron phosphate (LFP) battery modules and cells manufactured in the U.S. for GE Vernova’s Solar & Storage Solutions projects nationwide. By incorporating these locally made LFP batteries, GE Vernova and its customers can benefit from incentives offered by the Inflation Reduction Act (IRA) and Investment Tax Credits (ITC).

“Battery Energy Storage Systems (BESS) are essential for the renewable energy transition and grid stability. GE Vernova has deployed its FlexReservoir™ BESS systems globally. Partnering with Our Next Energy allows us to use American-made batteries to support local communities, enhance manufacturing, and create jobs,” said Prakash Chandra, CEO of GE Vernova’s Solar & Storage Solutions. “This collaboration underscores the U.S.’s leadership in fostering energy self-sufficiency and investments in the energy sector.”

When combined with renewable energy sources, energy storage solutions are crucial for providing continuous power by storing excess energy and releasing it during periods of low generation or high demand. According to Bloomberg New Energy Finance, the U.S. stationary energy storage market is projected to grow at a rate of 11.4% through 2030.

“Energy storage is key to stabilizing the grid and enabling 100% renewable energy to power factories, communities, hospitals, and data centers,” said Mujeeb Ijaz, founder and CEO of ONE. “As demand for energy storage systems rises, we are proud to assist GE Vernova and its customers in transitioning to more sustainable power sources with domestically produced batteries and cells.”

About Our Next Energy

Our Next Energy Inc. (ONE) is a Michigan-based energy storage technology company focused on developing batteries that accelerate electrification in vehicles, renewables, and the grid. ONE aims to double the range of electric vehicles, use safer and more sustainable raw materials, and establish a localized supply chain.

About GE Vernova

GE Vernova is a global energy company that encompasses Power, Wind, and Electrification segments, supported by Advanced Research, Consulting Services, and Financial Services. With over 130 years of experience, GE Vernova is uniquely positioned to lead the energy transition by continuing to electrify and decarbonize the world. Headquartered in Cambridge, Massachusetts, GE Vernova employs over 80,000 people across more than 140 countries. GE Vernova’s Solar & Storage Solutions business provides technologies in solar energy, battery energy storage, and power plant controls, aiding the transition to cleaner energy with reliable renewable energy solutions.

GE Vernova’s name reflects its mission: “GE” signifies its legacy of quality and ingenuity, “Ver” / “verde” represents Earth’s lush ecosystems, and “Nova” from Latin “novus” signifies a new era of lower carbon energy. Committed to The Energy to Change the World, GE Vernova strives to deliver a more affordable, reliable, sustainable, and secure energy future.

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