KORE Power secures $850m conditional commitment from DOE’s Loan Programs Office

 Leading US-based battery cell technology and energy storage manufacturer, KORE Power (KORE) has received a conditional commitment from the U.S. Department of Energy's Loan Programs Office (LPO) for a loan of $850 million under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program for its KOREPlex advanced battery manufacturing facility.

The ATVM Program under the US DoE works with private companies and lenders to address the financing risks associated with innovative and advanced energy technology and vehicle manufacturing projects, thereby fostering their deployment on a commercial scale.

"We are focused on building a facility where American workers will build the battery cells that power our energy and mobility future," said Lindsay Gorrill, Founder and CEO of KORE.

"Domestic manufacturing will unlock the benefits of clean energy investments for U.S. workers across the supply chain."

The new funding will be used by KORE for the construction of its advanced battery cell manufacturing facility in Buckeye, Arizona. The KOREPlex facility which is said to house multiple production lines will manufacture batteries for electric vehicles and energy storage systems in the United States. The facility will produce nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) batteries.

Once the initial production lines are fully operational, KOREPlex will have an annual production capacity of 6GWh of battery cells for customers in the energy storage and e-mobility space. It further has the potential to increase domestic production based on the demand for lithium-ion batteries.

The facility is expected to begin delivering product by the end of 2024 or early 2025.

KORE currently serves commercial & industrial, utilities and e-mobility sectors including EV manufacturers and fast-charging companies. Additionally, KORE has announced offtake for energy storage projects in Arkansas and Illinois.