The 1,330,000ft2 battery cell manufacturing facility, dubbed KOREPlex, will feature multiple production lines to produce battery cells using two chemistries, nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP)
Digital rendering of the KOREPlex. (Credit: Business Wire)
US-based battery cell technology developer KORE Power has secured commitment for a $850m loan to fund the construction of its battery cell manufacturing facility in Arizona.
The company received the commitment from the US Department of Energy’s Loan Programs Office (LPO), under Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.
KOREPlex, the 1,330,000ft2 battery cell manufacturing facility will feature multiple production lines to manufacture batteries for electric vehicles (EV) and energy storage systems.
The facility will produce battery cells using two chemistries, nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP).
With an initial production capacity of 6GWh of battery cells, KOREPlex can be expanded to 12GWh to meet market demand in the e-mobility and energy storage space.
It is expected to be begin commercial operations by the end of 2024 or early 2025.
KORE founder and CEO Lindsay Gorrill 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.”
KORE Chief Financial Officer Alexander Nickolatos said: “This support from the LPO will help KORE expand its US 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.
The civil works at KOREPlex project, which started late last year, is expected to create 700 jobs while the whole facility is expected to create 1,250 direct jobs at full capacity.
KORE is working with local colleges and universities in Arizona to launch training initiatives and programs for the KOREPlex workforce.
It aims to create a US-made supply of batteries for EV and stationary energy storage.
KORE is a US-based developer of battery cell technology and integrated solution manufacturer for the energy storage and e-mobility sectors.
The company provides battery products and solutions for utility, commercial, industrial, and e-mobility including EV manufacturers and fast-charging infrastructure companies.
Arizona Senator, bipartisan infrastructure law co-author and lead negotiator Kyrsten Sinema said: “Today’s announcement creates strong careers for everyday Arizonans, boosts national security by reducing reliance on foreign nations, and strengthens America’s energy independence and leadership.”
Arizona Senator Mark Kelly said: “This is big news for Arizona and the country, supporting KORE Power’s gigafactory in Arizona will bring manufacturing back to America for a critical supply chain, while creating good-paying jobs.
“Thanks to KORE Power and the rest of our emerging battery sector, Arizona will be front and center leading the country in developing and manufacturing the technology that will power our economy into the future.”