Oman wealth fund buys stake in Apple veteran’s battery firm ONE

Oman’s sovereign wealth fund will buy a minority stake in US-based Our Next Energy Inc., which specializes in battery technology for electric vehicles and energy storage, adding to its expanding portfolio of sustainable investments.

Under the agreement, ONE, which was founded by Apple Inc. veteran Mujeeb Ijaz, will explore potential areas of collaboration such as energy storage and battery manufacturing in the Gulf country, the Oman Investment Authority said in a statement.

“Electric vehicles are the future, and we are making sure to be a player in the transformation to ensure the growth and sustainability of the electric vehicles’ market as an environmentally responsible investor,” said Ibrahim Al-Eisri, OIA’s director of private equity.

Oman is investing billions of dollars in green hydrogen as part of its shift to cleaner energy and as the world eventually shifts off oil. As part of that, the OIA is diversifying its overseas deals to optimize benefits for Oman in terms of return on investments and sustainability that fit with the country’s commitment to Net Zero emissions by 2050, it said.

It follows OIA’s investments in Ascend Elements, which recycles lithium-ion batteries, and Group14, which manufactures silicon-carbonate battery materials.

The OIA holds about 17 billion Omani rials of assets after the Sultanate’s wealth fund increased its holdings in real estate, technology and logistics. The fund has also invested in stocks, bonds, and short-term assets, as well as in logistics, service sector, mining and industrial projects.

Oman in 2020 combined its two wealth funds into one entity that would hold about $17 billion of assets. The Sultanate has split the OIA into two units overseeing local and foreign assets.