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. 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).
With its initial lines fully operational, the KOREPlex will have an annual production capacity of 6 GWh of battery cells for customers in the e-mobility and energy storage space. KORE has the ability to further increase annual domestic production based on demand for lithium-ion batteries. The facility is expected to begin delivering products by the end of 2024 or early 2025.
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