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Our Next Energy (ONE) has shifted its business strategy from electric vehicles (EVs) to focus on defense, rail, and utility-scale energy storage. CEO Mujeeb Ijaz, who returned to the role in March 2025, noted a decline in the passenger EV market growth and the challenges smaller companies face in securing automotive supply contracts.

ONE has downsized its workforce by 45% and aims to break even by 2026. The company has secured $35 million in new contracts related to its new focus areas. Initially established in 2021 in Novi, Michigan, ONE had aimed to produce long-range EV batteries but faced funding challenges. The recent changes in federal EV tax credits and emissions regulations further impacted the market, prompting the strategic pivot.