REG - Riverstone Energy Ld - REL Commits $12.5M to Our Next Energy

Riverstone EnergyAnnouncement

06/02/2023 07:00

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RNS Number : 9456O  Riverstone Energy Limited  06 February 2023

LEI: 213800HAZOW1AWRSZR47

 

6 February 2023

 

 

Riverstone Energy Limited

 

REL Commits $12.5 Million to Our Next Energy's $300 Million Series B Preferred
Equity Round

Riverstone Energy Limited (REL) is pleased to announce a $12.5 million
commitment to Our Next Energy's (ONE) $300 million Series B round, valuing the
company at over $1 billion.

ONE is a Michigan-based energy storage technology company working to
develop batteries for mobility and large-scale storage applications. ONE will
use the proceeds of the round to complete ONE Circle, its Van Buren Township,
Michigan facility, which will be its first Lithium Iron Phosphate (LFP)
battery manufacturing plant.

REL joins leads Fifth Wall and Franklin Templeton, as well as Temasek, Coatue,
AI Capital Partners, and Sente Ventures in the round.

This investment, along with the Company's recent decarbonisation investments
in Group14, Tritium, and Infinitum, among other decarbonisation
companies, demonstrates REL's continued efforts to increase its exposure to
the global energy transition thematic, while also providing the opportunity to
create value for its shareholders.

About Our Next Energy
ONE is a Michigan-based energy storage technology company focused on
engineering batteries that will accelerate electrification. ONE's vision is
to: Double the range of electric vehicles; use safer, more sustainable raw
materials; and establish a localized supply chain. Visit one.ai
(https://c212.net/c/link/?t=0&l=en&o=3771581-1&h=3595732162&u=https%3A%2F%2Fone.ai%2F&a=one.ai)
 to learn more.

About Riverstone Energy Limited
REL is a closed-ended investment company which invests in the energy industry
that has since 2020 been exclusively focussed on pursuing and has
committed $193 million to a global strategy across decarbonisation sectors
presented by Riverstone's investment platform. REL's ordinary shares are
listed on the London Stock Exchange, trading under the symbol RSE.  REL has
16 active investments spanning decarbonisation, oil and gas, renewable energy
and power in the Continental U.S., Western Canada, Europe and Australia.

For further details, see www.RiverstoneREL.com (http://www.RiverstoneREL.com)

 

Neither the contents of Riverstone Energy Limited's website nor the contents
of any website accessible from hyperlinks on the websites (or any other
website) is incorporated into, or forms part of, this announcement.

 

Media Contacts

For Riverstone Energy Limited:

 

Josh Prentice

+44 20 3206 6300

 

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