Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

EV battery startup ONE names Paul Humphries as CEO, replacing founder

Published 12/10/2023, 05:10 PM
Updated 12/10/2023, 05:15 PM
© Reuters. FILE PHOTO: The logo for Our Next Energy (ONE) is seen outside the company's headquarters in Novi, Michigan, U.S., April 25, 2022. REUTERS/ Rebecca Cook/File photo
AAPL
-

(Reuters) - Electric-vehicle battery startup Our Next Energy (ONE) said on Sunday that Paul Humphries will be its new CEO effective immediately, replacing Mujeeb Ijaz, who held the post since he founded the company.

Ijaz, a former Apple (NASDAQ:AAPL) executive, will serve as vice-chairman of the board and take on the role of chief technology officer following Humphries' appointment, ONE said.

Humphries has also been a member of the ONE Board of Directors since the company was founded in 2020.

The Michigan-based company cut around 25% of its workforce, or 128 employees last month, citing "market conditions" as reason for the layoffs. It added that it is continuing to focus on establishing its gigafactory in Michigan and to develop a North American supply chain for batteries.

The company said in February it had raised $300 million in a Series B funding, valuing it at $1.2 billion.

Latest comments

The big leap in battery production capacity will lead to a long-term sustained increase in demand for charging. Eyes on NaaS (NASDAQ:NAAS), a global charging leader.
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.