KORE Power Receives Conditional Commitment for $850 Million from the U.S. Department of Energy's Loan Pro

Logo BenzingaBenzinga
2023-06-09 13:17:00  • 9 mins

Loan to support domestic manufacturing and launch of lines producing 6 GWh annually of lithium-ion batteries in Buckeye, AZ

KORE Power, Inc. (KORE) has received a conditional commitment from the U.S. Department of Energy's Loan Programs Office (LPO) for a loan in the principal amount of $850 million under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230609005051/en/

Digital rendering of the KOREPlex (Photo: Business Wire)

The loan will be used to fund the construction of KORE's advanced battery cell manufacturing facility in Buckeye, Arizona. The KOREPlex, a 1,330,000-square-foot facility, will house multiple production lines to manufacture batteries for electric vehicles (EV) and energy storage systems in the United States. The KOREPlex will produce cells using two chemistries: nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP).

"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."

Continue read on benzinga.com

MANILA -The Board of Investments (BOI) on Friday said that it approved at least P730.49 billion worth of investments from January to September, growing its...
Logo Inquirer.netInquirer.net
2023-09-29 18:30:00  • 1 min
Key Points Northvolt announced Thursday it will establish a fully integrated lithium-ion battery gigafactory in the Canadian province of Quebec its first...
2023-09-29 11:10:27  • 1 min
(RTTNews) - Denver-based Spruce Power Holding Corp., the successor to XL Fleet Corp., agreed to pay $11 million penalty to settle U.S. Securities and...
Logo NasdaqNasdaq
2023-09-29 02:35:55  • 1 min
(RTTNews) - Duke Energy Progress said it will implement new rates for North Carolina customers on October 1 as approved by the North Carolina Utilities...
Logo NasdaqNasdaq
2023-09-29 14:24:55  • 1 min
The Canadian government matched financial incentives available in the U.S. to attract the investment from Northvolt, a Swedish company. Northvolt, a Swedish...
Best News Website or Mobile Service WAN-IFRA Digital Media Awards Worldwide 2022 Best News Website or Mobile Service Digital Media Awards Worldwide 2022...
MANILA -Despite observing a slowdown in the addition of new geothermal energy capacity in the Philippines, the Department of Energy (DOE) remained optimistic...
Logo Inquirer.netInquirer.net
2023-09-29 18:24:00  • 1 min
( Kitco News ) - ASX-listed gold producer Evolution Mining (ASX: EVN) today announced it has awarded a contract to GR Engineering Services to complete the...
Logo Kitco NEWSKitco NEWS
2023-09-29 17:18:43  • 1 min
Kayne Anderson NextGen Energy & Infrastructure said on September 20, 2023 that its board of directors declared a regular quarterly dividend of $0.16 per...
Logo NasdaqNasdaq
2023-09-29 01:12:37  • 1 min
MANILA -Globe Telecom Inc. was able to raise P348 million more from the turnover of additional tower assets to a buyer, which the telco said would be used to...
( Kitco News ) - American Battery Technology Company (ABTC) (NASDAQ: ABAT) announced on Wednesday that it has received a contract grant award for its $20...
Logo Kitco NEWSKitco NEWS
2023-09-27 18:09:59  • 1 min
MANILA -Korea’s state-owned power generation firm is offering a nuclear training program to the Philippine government as part of the package to refurbish the...
Logo Inquirer.netInquirer.net
2023-09-28 18:18:00  • 1 min
Energy stocks were gaining premarket Friday as the Energy Select Sector SPDR Fund ( XLE ) was recently advancing by 0.1%. The United States Oil Fund ( USO )...
Logo NasdaqNasdaq
2023-09-29 13:28:11  • 1 min
( Kitco News ) - Li-Cycle Holdings (NYSE: LICY), a leading global lithium-ion battery resource recovery company, yesterday celebrated the grand opening of...
Logo Kitco NEWSKitco NEWS
2023-09-28 16:06:09  • 1 min
What happened Shares of Nikola Corp. (NASDAQ: NKLA) rocketed as much as 36% higher this week, according to data provided by S&P Global Market...
Logo NasdaqNasdaq
2023-09-29 22:56:56  • 2 mins
MANILA -The Development Bank of the Philippines approved P25.55 billion worth of loans for the transport infrastructure and logistics sector from January to...
Logo Inquirer.netInquirer.net
2023-09-28 23:34:52  • 1 min
With larger loans and rate discounts, that major purchase could be well within reach.
Logo FortuneFortune
2023-09-29 19:47:04  • 1 min
Best News Website or Mobile Service WAN-IFRA Digital Media Awards Worldwide 2022 Best News Website or Mobile Service Digital Media Awards Worldwide 2022...
Logo Channel NewsAsiaChannel NewsAsia
2023-09-28 15:28:12  • 1 min
My energy supplier, Shell, is offering me a fixed-rate tariff for 14 months which I'm tempted to lock into. Like most, I was previously on a fix until I was...
Logo Daily MailDaily Mail
2023-09-30 05:00:49  • 1 min
The Chinese property developers efforts to restructure more than $300 billion in debt are being complicated by criminal investigations into current and...
Logo The New York TimesThe New York Times
2023-09-30 04:26:20  • 1 min