KORE Power, a provider of advanced battery solutions, has received a conditional commitment from the US Department of Energy’s (DOE) Loan Programs Office (LPO) for an $850m loan under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.
The loan will serve as crucial funding for the construction of KORE’s battery cell manufacturing facility, known as the KOREPlex, in Buckeye, Arizona.
KORE Power chief financial officer Alexander Nickolatos said: “This support from the LPO will help KORE expand its U.S. leadership in the rapidly growing energy storage and e-mobility sectors while growing our business, allowing us to power the energy transition with American products.”
The expansive KOREPlex facility, spanning an impressive 1,330,000 square feet, will host multiple production lines dedicated to manufacturing batteries for electric vehicles (EVs) and energy storage systems within the United States. The facility will utilize two different chemistries for its battery cells: nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP).
KORE Power caters to various sectors including utilities, commercial enterprises, industrial clients, and e-mobility companies, including EV manufacturers and fast-charging infrastructure providers. Notably, the company has recently announced significant offtake agreements for energy storage projects in Arkansas and Illinois, further solidifying its market presence.
The construction of the KOREPlex facility, which commenced civil works in late 2022, is anticipated to generate approximately 700 job opportunities. Once operational at full capacity, the facility itself will create 1,250 direct jobs.
KORE Power is actively collaborating with local colleges and universities in Arizona to establish training initiatives and programs specifically tailored for the KOREPlex workforce. This strategic endeavor aims to develop a skilled domestic workforce capable of supporting the manufacturing of American-made batteries for EVs and stationary energy storage solutions.
With its initial production lines fully operational, the KOREPlex facility will boast an annual production capacity of 6 GWh (gigawatt-hours) of battery cells for customers in the e-mobility and energy storage sectors. KORE Power possesses the flexibility to scale up annual domestic production based on the demand for lithium-ion batteries. The facility is projected to commence product deliveries by late 2024 or early 2025.
KORE Power founder and CEO Lindsay Gorrill said: “We are focused on building a facility where American workers will build the battery cells that power our energy and mobility future.
“Domestic manufacturing will unlock the benefits of clean energy investments for U.S. workers across the supply chain.”
