KORE Power develops battery cell technology and integrated solutions for utility, commercial, industrial and e-mobility customers, including EV manufacturers and fast-charging infrastructure companies. The company is constructing the KOREPlex, a 1,330,000-square-foot advanced battery cell manufacturing facility in Buckeye, Arizona, to house multiple production lines. The facility will produce both nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) cell chemistries and, with initial lines fully operational, will have an annual production capacity of 6 GWh with the ability to scale further based on demand. Civil works for construction began late last year and KORE expects the facility to begin delivering products by the end of 2024 or early 2025. KORE has announced an offtake for energy storage projects in Arkansas and Illinois and is working with local colleges and universities to establish workforce training programs. The KOREPlex is expected to create about 700 construction jobs and 1,250 direct jobs when operating at capacity. KORE Power develops lithium-ion battery cell technology and manufactures integrated battery solutions for energy storage and e-mobility customers. It serves energy storage, e-mobility, utility, industrial and defense markets as an integrated provider of cells, batteries and solutions. KORE plans to build the KOREPlex gigafactory in the Phoenix area, with groundbreaking scheduled for Q4 2022 and initial commercial production expected in Q4 2024. The KOREPlex is expected to have initial annual production capacity of 6 GWh, expandable to 12 GWh and beyond to meet expected market demand. KORE will use financing proceeds to commence construction and to purchase long lead-time items required for the facility; it has also launched KORE Solutions, a vertically integrated energy storage solutions provider based in Vermont. Demand for its domestically manufactured batteries is expected to benefit from electrification trends and domestic-content requirements tied to the Inflation Reduction Act, which can maximize energy storage investment tax credits. KORE Power is a leading US-based developer of battery cell technology serving energy storage, e-mobility, utility, industrial and mission-critical markets. The company designs and manufactures proprietary NMC and LFP cells, VDA modules and packs, and optimizes systems with its battery management system; through global partnerships it produces top-tier energy storage systems (ESS). KORE emphasizes direct customer access, service, and Tier 1 product availability while pursuing sustainable communities and green economic expansion. The company announced a strategic partnership with Cleanhill Partners, which has invested in KORE and whose founders Rakesh Wilson and Ash Upadhyaya joined as special advisors to CEO Lindsay Gorrill. Cleanhill's advisors will guide KORE's growth and investment strategy and support plans to expand the design and manufacturing of lithium-ion battery cells in the U.S. Evercore served as financial advisor to KORE Power and Kirkland & Ellis served as legal counsel to Cleanhill.

Total raised

$925M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Jun 2023