Energy Vault, a Swiss NYSE-listed, gravity-based, long-duration energy storage company, has signed a master supply agreement with KORE Power, a US-based company developing energy storage systems (ESS) and EV batteries.

Under this agreement, KORE is to begin supplying batteries from 2025, when Phase I of its KOREPlex facility in Arizona (US) begins operations. The agreement outlines a delivery capacity of 1.3 GWh in 2025, which is to increase up to 7 GWh in 2027, as KORE’s production capacity grows. 

Energy Vault intends to use this supply of batteries to meet the commitments it has made with clients to provide storage capacity in the US. The company made a USD 15 million early-stage investment in KORE in November 2022.

Analyst QuickTake: In June 2023 , KORE Power secured 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. This was the largest investment seen in Q2 2023 in the next-gen climate and energy space. The company intended to use the funds to construct its KOREPlex battery manufacturing facility. The facility is set to produce nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) EV batteries and ESS. KORE plans to begin with an initial capacity of 6 GWh in 2025 and eventually ramp up production to around 12–18 GWh.