- KORE Power Inc. closes a $75 million deal.
- The company is getting ready to start construction on the KOREPlex 6-GWh gigafactory in Phoenix.
A $75 million tranche of an investment deal sponsored by Siemens Financial Services, projected to total $150 million, has been closed by US lithium-ion battery cell developer KORE Power Inc.
Quanta Services Inc., a provider of contracting services, with strategic partners Nidec Motor Corporation, Honeywell Ventures, Trog Hawley Capital, and an unidentified utility-scale energy storage provider, are also taking part in the capital increase. The sole placement agent was Goldman Sachs & Co LLC.
KORE is a producer of integrated solutions for the e-mobility and energy storage industries, as well as a developer of lithium-ion battery cells. The company is getting ready to start construction on the KOREPlex, a 6-GWh gigafactory in the Phoenix region of Arizona.
Initial KOREPlex production is anticipated to start in late 2024. However, KORE said that eventually, to satisfy market demand, its yearly manufacturing capacity might be increased.
The company claims that its new plant will be among the first in the nation to be built without the assistance of an automotive OEM, enabling the delivery of batteries to various clients involved in e-mobility and energy storage.
KORE has so far disclosed several agreements to guarantee a regional supply of the minerals required for making battery cells.