EV Battery Startup ONE Replaces CEO Amid Funding Loss and Layoffs

New CEO Paul Humphries takes the helm as the company faces financial challenges and delays in its new battery plant.

Michigan-based EV battery startup ONE, touted as a key player in President Biden's agenda to build batteries in the US, has replaced its CEO and founder Mujeeb Ijaz with board member Paul Humphries.
ONE has been hit by an industry slowdown and a loss of funding, leading to a 25% workforce cut and the delay of its new battery plant in Van Buren, Michigan.
London's Just Climate, an investment fund, decided against leading ONE's Series C funding round with its $100 million investment, leading to a financial crunch for the company.
ONE is now delivering prototype versions of lithium iron phosphate battery packs to several companies for testing, with the aim of producing battery cells next year at its new factory.
Mujeeb Ijaz, a battery engineer who worked on Apple’s top-secret electric car project, will now serve as CTO, leading product engineering, and vice-chairman of the board.