August 23, 2023: KORE Power announced a deal on August 9 to supply batteries for Energy Vault energy storage systems manufactured in the US.
KORE will start the supply in 2025 after the first phase of its Arizona KOREPlex facility comes on line.
Some 1.3GWh of batteries will be supplied to Energy Vault in 2025, ramping up to 7GWh in 2027 as KORE’s manufacturing expands.
KORE broke ground for its facility, where it will produce NMC and LFP battery cells for customers in the energy storage and e-mobility sectors, last year.
Energy Vault, whose tech portfolio includes gravity energy and hydrogen storage, made a $15 million investment in KORE in 2022 as part of an initial $75 million tranche of a $150 million investment round led by Siemens Financial Services, the B2B financing arm of Siemens, followed by contracting service company Quanta Services and others.
KORE said last June it had received a conditional commitment for a US federal loan of $850 million to build its Arizona facility.