Kore Power scores financial support from Washington
The US battery developer Kore Power has received a conditional commitment for a loan of 850 million US dollars from the US Department of Energy. The loan is intended to support the domestic production of battery cells for electric vehicles.
The loan called a Conditional Commitment, is still subject to conditions imposed by the authority, and is intended to finance the construction of the battery cell factory planned by Kore Power with German engineering giant Siemens in Buckeye in the US state of Arizona. The factory has been named KOREPlex and should initially have an annual production capacity of 6 GWh when the first lines are fully operational. The battery cells produced there will be used in electric vehicles and stationary applications.
“This support from the LPO will help KORE expand its U.S. leadership in the rapidly growing energy storage and e-mobility sectors while growing our business, allowing us to power the energy transition with American products,” said KORE’s Chief Financial Officer Alexander Nickolatos.
The KOREPlex will produce cells with two chemistries: Nickel Manganese Cobalt (NMC) and Lithium Ferrous Phosphate (LFP). Production is expected to start in late 2024 or early 2025. Production capacity may be expanded to at least 12 GWh depending on demand.
According to Kore, the construction of the KOREPlex, which began late last year, is expected to create 700 jobs. The plant itself will provide about 1,250 direct jobs at full capacity. Kore is working with universities in Arizona to develop training initiatives and programmes for the future KOREPlex workforce.