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KORE Power receives USD 850 million conditional loan
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Jun 10, 2023
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Jun 10, 2023

KORE Power receives USD 850 million conditional loan

Funding

  • KORE Power, a US-based company developing energy storage systems (ESS) and EV batteries, has received a conditional commitment for a loan amounting to USD 850 million from the US Department of Energy's Loan Programs Office (LPO) under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.

  • The company intends to use the funds for the construction of its six gigawatt-hours advanced battery cell manufacturing facility known as “KOREPlex” in Buckeye, Arizona. The facility will have multiple production lines to produce nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) EV batteries and ESS.

  • The construction of the KOREPlex began in 2022, and its initial lines are fully operational. The facility is expected to begin delivering batteries between 2024 and 2025.

  • Founded in 2018, KORE Power is a US-based company that develops battery cell solutions for customers operating in the energy storage, e-mobility, utility and industrial, and defense sectors. The company is aiming for commercial production of its batteries in 2024/2025 at its KOREPlex facility.

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