(Reuters) - Our Next Energy (ONE) said on Monday it has cut around 25% of its workforce, or 128 employees, as the electric-vehicle battery startup deals with high borrowing costs and an uncertain economy.
The company, founded by former Apple (NASDAQ:AAPL) executive Mujeeb Ijaz, said in February it had raised $300 million in a Series B funding, which valued the company at $1.2 billion.
While the Michigan-based company cited "market conditions" as reason for the layoffs, it said it is continuing to focus on establishing its gigafactory in Michigan and to develop a North American supply chain for batteries.
The company unveiled a new anode-free battery pack designed last year to slash cell cost as much as 50% while delivering up to 600 miles (965 km) of driving range.
Tesla (NASDAQ:TSLA) supplier Panasonic (OTC:PCRFY) Holdings said last month that it had cut automotive battery production in Japan in the September quarter, underscoring a global slowdown in EV sales due to high interest rates.