US battery firm ONE is getting Omani funds: The Oman Investment Authority (OIA), the sultanate’s sovereign wealth fund, will make an undisclosed investment in Michigan-based energy storage company Our Next Energy (ONE), Oman News Agency reports, citing a statement by OIA.

What we know: OIA and ONE signed a strategic cooperation agreement aimed at identifying potential areas of cooperation in energy storage and battery manufacturing in Oman.

About ONE: Founded by Apple veteran Mujeeb Ijaz, ONE is a Michigan-born energy storage company focusing on battery technologies to advance the adoption of electric vehicles and expand energy storage solutions, according to this website.

REMEMBER- OIA has been all in on energy transition: OIA aims to diversify its global investment portfolio and benefit Oman in terms of investment returns and sustainable investments under its strategy to reach net zero carbon by 2050, according to the statement. Last year, OIA invested in US lithium-ion battery recycling company Ascend Elements and US-based global manufacturer and supplier of advanced silicon battery materials Group14. Oman plans to fully decarbonize its mobility sector by 2050 through an ambitious three-phase plan by the country’s Transport, Communications, and Information Technology Ministry (MTCIT), officials said in July.

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