US to Loan $850 Million for KORE Power’s Battery Manufacturing Unit

The fund will enable KORE to construct a 6 GWh advanced battery cell manufacturing facility


KORE Power (KORE), a battery cell developer, has secured a conditional commitment from the U.S. Department of Energy’s Loan Programs Office (LPO) for an $850 million loan under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.

The loan will fund the company’s advanced battery manufacturing facility with a 6 GWh annual capacity in Buckeye, Arizona, catering to the e-mobility and energy storage sectors.

The new unit, KOREPlex, will house multiple production lines dedicated to manufacturing high-quality batteries domestically and is expected to begin delivering products by the end of 2024 or early 2025.

The facility will utilize two chemistries, nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP), to produce cells for electric vehicles (EVs) and energy storage systems within the U.S.

In partnership with local colleges and universities in Arizona, KORE Power is also actively collaborating to establish training initiatives and programs to develop a skilled workforce for KOREPlex.

Lindsay Gorrill, Founder, and CEO of KORE Power, emphasized the company’s commitment to supporting the country’s energy and mobility future and said, “We are focused on building a facility where American workers will build the battery cells that power our energy and mobility future. Domestic manufacturing will unlock the benefits of clean energy investments for U.S. workers across the supply chain.”

The company caters to a diverse range of clients, including utilities, commercial and industrial entities, e-mobility companies, EV manufacturers, and fast-charging infrastructure providers.

The company recently announced significant offtake agreements for energy storage projects in Arkansas and Illinois, highlighting its expansion in the energy storage and e-mobility sectors.

In May last year, the DOE announced $3.16 billion in funding from President Biden’s ‘Bipartisan Infrastructure Law’ to expand domestic battery manufacturing, bolster domestic supply chains, and spur job creation.

According to a recent U.S. Energy Information Administration report, power developers and project owners would add utility-scale battery storage capacity of up to 30 GW in the United States over the next three years.