Oman Investment Authority Ventures into Electric Vehicle Battery Start-up, Our Next Energy (One)

The Oman Investment Authority has made an undisclosed investment in the US-based electric vehicle battery start-up, Our Next Energy (One). This move is in line with Oman’s commitment to achieving net-zero emissions by 2050. The investment aims to bolster the growth of the electric car market and explore potential areas of partnership in energy and battery storage within the sultanate.

Oman’s sovereign wealth fund also signed a strategic cooperation agreement with One. The agreement signifies a collaborative effort to identify opportunities for collaboration in the energy and battery storage sectors in the country. By investing in One, Oman aims to expedite its progress towards a sustainable future and enable the expansion of the company’s products and networks in the global market.

In addition to investing in electric vehicle technology, Oman has been actively diversifying its economy through investments in renewable energy, tourism, and other sectors. The country is on track to become one of the world’s largest producers of hydrogen by 2030. With abundant renewable energy sources and available land, Oman has the potential to be the leading exporter of low-carbon fuel in the Middle East by the end of the decade.

The investment in One aligns with the global trend towards electric vehicles as nations strive to reduce carbon emissions. According to Goldman Sachs Research, EVs are projected to comprise about half of new car sales worldwide by 2035, with sales expected to reach 73 million units in 2040. The International Energy Agency predicts a surge in global electric car sales by 35% to 14 million units this year.

The strategic investment in One by the Oman Investment Authority not only accelerates the growth of the electric vehicle market but also signifies the Sultanate’s commitment to sustainable development and technological innovation.

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