KORE Power set for $850m US cells plant loan

KORE Power set for $850m US cells plant loan

KORE Power set for $850m US cells plant loan 902 1024 Energy Storage Journal

June 9, 2023: KORE Power said today it had received a conditional commitment for a US federal loan of $850 million to build an advanced battery cells plant in Arizona.

KORE said the loan from the US Department of Energy’s loan programs office, through the Advanced Technology Vehicles Manufacturing initiative, will be used to fund construction of the 1,330,000 ft2 KOREPlex facility.

KOREPlex will produce NMC and LFP cells for EV and BESS batteries to be made at the site.

Civil works on the facility started late last year and operations should start by the end of next year or early 2025.

KORE is working with local colleges and universities in Arizona to establish training programs for the facility’s future workforce.

With its initial lines fully operational, the KOREPlex will have an annual production capacity of 6GWh of battery cells.

The company says it could further increase annual domestic production based on demand for lithium ion batteries.

Lindsay Gorrill, founder and CEO of KORE, said: “We are focused on building a facility where American workers will build the battery cells that power our energy and mobility future.”