Kore Power closes initial gigafactory financing

Kore Power closes initial gigafactory financing

Kore Power closes initial gigafactory financing 600 681 Energy Storage Journal

December 8, 2022: Kore Power said it closed the initial $75 million tranche of a $150 million investment round on November 30 ahead of starting construction of its KorePlex batteries gigafactory in Nevada.

The lead investor was Siemens Financial Services, the B2B financing arm of Siemens, followed by Quanta Services, a contracting services company and other partners.

The US-based lithium developer claims to be among the first companies building a US-led gigafactory independently of an automotive OEM.

The Nevada plant will have an initial annual production capacity of 6GWh, later expecting to expand to 12GWh.

Ground breaking for the facility is already underway and production at the site is slated to start in late 2024.

Lindsay Gorrill, co-founder and CEO of Kore Power, said “In the coming months, we expect to announce additional agreements demonstrating our commitment to building a domestic supply chain for KorePlex and embracing a circular lifecycle for our products.”

Kore Power said on March 23 it had acquired energy storage company Northern Reliability for an undisclosed sum — and had launched a new division called Kore Solutions.

Photo: Kore Power