KORE Power, a U.S.-based manufacturer of high-energy-density lithium-ion pouch cells and module configurations, announced a $75 million equity investment. The company anticipates breaking ground by the end of the year on its Arizona gigafactory.
The Coeur D’Alene, Idaho-based manufacturer is raising $75 million of a $150 million investment round from Siemens Financial Services and utility contractor Quanta Services. Additional strategic investorsinclude Nidec Motor, Honeywell Ventures, Trog Hawley Capital and a yet undisclosed energy storage provider.
KORE Power is using the fund raise to begin construction of its KOREPlex gigafactory in the Phoenix, Arizona area and to purchase equipment for the 6 GWh production facility.
With initial output anticipated in late 2024, production is expected to double to 12 GWh of lithium-ion battery cells produced to meet expected market demand in energy storage and electric mobility applications.
“Strengthening domestic manufacturing capabilities for battery cells will be critical to the transformation and build out of energy infrastructure in the United States,” said Andrew Schwaitzberg, vice president of operations at Quanta Services. “We expect our strategic alliance with KORE to enhance Quanta’s ability to deliver comprehensive energy solutions in partnership with our customers.”
This year BloombergNEF forecast a 30% compound annual growth rate in the energy storage market. Similarly, electrification in the mobility sector, which includes electric vehicles and charging infrastructure, is experiencing rapid growth with EV sales up 60% year over year.
Earlier this month, KORE Power signed a multi-year supply agreement with EV start-up Kindred Motorworks to supply VDA 355 batteries for use in the EV company’s pick-up truck fleet.
In June, the company signed a battery collaboration agreement with ABB and Ecotricity to use its Mark 1 energy storage modules in ABB’s 20 MWh energy storage system adjacent to an existing Ecotricity 6.9 MW wind farm in Gloucestershire, England.
In March, KORE Power acquired Northern Reliability (NRI), a Waterbury, Vermont-based power and energy storage solutions provider active in the renewables space for nearly 50 years.
At the same time, the company launched KORE Solutions, a full-service energy storage installation services provider that will operate as a division of battery manufacturer, allowing KORE Power to become a vertically integrated energy storage solutions provider.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.