Over a year after stepping down as CEO of the battery startup Our Next Energy (ONE), Mujeeb Ijaz has resumed his role as the company’s leader. This development coincides with the announcement of a new funding round, led by Crescent Ventures and Trousdale Ventures.

The details of the funding round, including its size, have not been disclosed by ONE, and the company has not responded to requests for comment at the time of publication.

The change in leadership occurred after Ijaz initially stepped down in December 2023, taking on the role of CTO, and was replaced by Paul Humphries, a board member. Ijaz had recruited Humphries, who brought experience from his time at Flex, a contract manufacturer, to the leadership position. This move came as the startup struggled to secure a Series C funding round.

The Series C funding round fell through when Just Climate withdrew its planned $100 million investment, as reported by Bloomberg in December 2023. At the time, ONE was facing financial challenges, having raised $300 million in a Series B that valued the company at $1.2 billion post-money, while in the process of building a $1.6 billion LFP battery factory in Michigan.

To address its financial difficulties, the company laid off 128 employees, approximately 25% of its workforce. With its new funding, ONE has once again shifted its leadership, with Ijaz replacing Humphries as CEO. Additionally, Mansoor Ijaz, Mujeeb’s brother and chairman of Crescent Ventures, will join the company’s board.

Mujeeb Ijaz founded ONE in 2020, following his tenure at Apple and Ford. The startup gained attention for its innovative approach to battery technology, including the development of a dual-chemistry battery pack called Gemini.

The Gemini pack enabled a Tesla Model S to travel 752 miles on a single charge. This achievement was made possible by the use of a dual-chemistry design, which combined the benefits of LFP, a durable and low-cost chemistry, with the advantages of manganese-based chemistry for reserve cells.

Although ONE’s Gemini pack has been tested in various vehicles, including a BMW iX, it has yet to be adopted by a major automaker. However, BMW was an early investor in the company, demonstrating its interest in ONE’s innovative battery technology.