Riverstone Energy Ltd on Monday said it committed $12.5 million to Our Next Energy’s $300 million series B preferred equity investment round, valuing ONE at over $1.0 billion.

Riverstone Energy is a US, Canada, Europe and Australia-focused investment company, with assets in the energy industry and around $193 million committed across decarbonisation sectors.

ONE is a Michigan, US-based energy storage technology company.

Riverstone Energy said ONE will use the proceeds to complete its first lithium iron phosphate battery manufacturing plant ONE Circle in Van Buren Township, Michigan.

Riverstone Energy joins leads Fifth Wall and Franklin Templeton in the funding round, alongside Temasek, Coatue, AI Capital Partners, and Sente Ventures.

It said the investment demonstrates its continued efforts to increase its exposure to global energy transition, while creating value for its shareholders. This is alongside its recent decarbonisation investments in Group14, Tritium and Infinitum, amongst others.

Shares in Riverstone Energy were down 0.2% to 610.84 pence each in London on Monday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.