Michigan-based EV battery startup ONE, Our Next Energy – considered one of the most valuable privately held companies in the US and Biden’s darling for homegrown batteries – is once again cutting its workforce after months of problems.
Crain’s Detroit Business reports that the company has cut another 37 jobs, with 24 located in Michigan. The majority of those jobs are administrative roles, the company stated.
ONE is among the many players in the race to develop an LFP battery pack on North American soil. Last year, the company was riding high after procuring some $300 million in funding for a $1 billion valuation, with plans to build a $1.6 billion gigafactory in Michigan to make its batteries there.
Last November, the company, headquartered in Novi, a suburb of Detroit, cut 128 salaried and hourly workers as part of a “revised business plan,” according to a statement emailed to various sources. After yesterday’s layoffs, ONE currently has a staff of 240 employees …
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