KORE Power acquires 4.22% stake in EV retrofit startup, ZEVx
US-based manufacturer of battery cell technology, KORE Power, has acquired a 4.22% stake in Arizona-based ZEVx Inc. (formerly Zero Electric Vehicle), an EV retrofit startup company focused on fleet electrification and EV conversion kits.
Earlier this year, KORE Power entered a supply agreement with ZEVx to supply battery modules for ZEVx's electric powertrain kits through 2030.
"KORE Power produces the battery cells that provide the backbone of electrification, and ZEVx is accelerating vehicle electrification with products that allow for rapid, affordable conversion of fleet vehicles," said Lindsay Gorrill, CEO, and Co-Founder of KORE Power. "Our joint product development and investment will help ZEVx realize the promise of these innovations at a time when moving to electric vehicles makes so much sense economically and environmentally."
The newly forged partnership will help KORE Power expand its presence in the e-mobility space and help ZEVx to convert the existing light- and medium-duty fleet vehicles to EVs. As per the official release, the two companies will also work to develop new advances in vehicle battery efficiency and safety.
ZEVx is located an hour away from KORE Power's planned KOREPlex giga factory. KORE Power is expected to begin construction of the 2 million-square-foot manufacturing facility later this year and the facility is expected to produce up to 12 GWh of lithium-ion battery cells annually. KOREPlex will enable KORE Power to produce a domestic battery supply for e-mobility manufacturers and energy storage projects starting in 2024.
"We're proud to be two American companies putting American IP to work here in Arizona to reduce greenhouse gas emissions, increase energy independence, and eliminate barriers to EV adoption," said Carolyn Maury, the CEO of ZEVx. "With KORE Power officially on our team, we can accelerate the deployment of our products to deliver these benefits to our customers.
"When fleets are electrified, the benefits – from reduced pollution to lower maintenance and fuel costs – reverberate in communities across the nation," she said.
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