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."

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