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Reading: KORE Power announces initial $75M close of $150M round with lead investor Siemens
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EV-a2z > News > KORE Power announces initial $75M close of $150M round with lead investor Siemens
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KORE Power announces initial $75M close of $150M round with lead investor Siemens

EV-a2za
Last updated: 2023/01/22 at 11:29 PM
EV-a2za Published December 11, 2022 4 Min Read
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KORE Power, Inc. (KORE) closes the initial $75 million part of a private placement (the “Financing”) expected to total $150 million. Siemens Financial Services served as the lead investor and was joined by Quanta Services with extra strategic partners, including Honeywell Ventures, Trog Hawley Capital, Nidec Motor Corporation, and Goldman Sachs & Co. LLC, a leading utility-scale energy storage provider, which acted as KORE’s Exclusive Placement Agent, as per Business Wire.

Contents
KOREPlexAnnual growth rate in energy storage marketKORE Solutions

Backed by lead investor @Siemens and joined by @Quanta_Services, KORE Power has closed the first round of $75m funding for the company’s KOREPlex #gigafactory near Phoenix, AZ. https://t.co/DsaOKvTEpI

— KORE Power (@kore_power) November 30, 2022

KORE is a leading US-based developer of lithium-ion battery cells and integrated solutions for the e-mobility and energy storage sectors manufacturer. KORE intends to use the Financing proceeds to begin the construction of its KOREPlex gigafactory in the Phoenix area and to purchase long lead-time items needed for the facility’s construction.

The funding will allow the company to start building its ​“KOREPlex Gigafactory” in Arizona, where it intends to produce up to 6 gigawatt-hours of lithium-ion battery cells per year when it starts running in 2024 https://t.co/4UcbaYjY4h

— Canary Media (@CanaryMediaInc) November 30, 2022

KOREPlex

The KOREPlex is anticipated to have an initial yearly production capacity of 6 GWh of high-density lithium-ion cells. Production is also anticipated to expand to 12 GWh and beyond to meet market demand. 

In addition, the KOREPlex will be among the first US battery cell gigafactories built independently of an automotive OEM. This independence will let KOREPlex provide batteries to many energy storage customers and innovative e-mobility.

Growth in domestic battery cell production, #ESS deployment, and #supplychain logistics means major increases in demand for #cleanenergy jobs. The KOREPlex #gigafactory will create thousands of homegrown jobs in the Phoenix/Buckeye #sustainablevalley. pic.twitter.com/tdlwQG4TLE

— KORE Power (@kore_power) September 8, 2022

KORE will break ground on the KOREPlex this 2022, with initial output starting in late 2024.

Siemens Financial Services is proud to be the lead investor committed to backing KORE with both our capital and know-how. We support the industries and create the infrastructure forming the backbone of the American economy and apply that same commitment to the development of the battery industry in the US KORE’s focus on manufacturing and vital industries such as energy storage, transportation electrification and grid modernization align with the strategic direction of SFS’ investments in the US to date.

Steffen Grosse, CEO of Equity Finance, Siemens Financial Services

Annual growth rate in energy storage market

Earlier this 2022, BloombergNEF forecasted a 30% compound yearly growth rate in the energy storage market. Furthermore, electrification in the mobility sector, including charging infrastructure and electric vehicles, is experiencing fast growth. As of July, global EV sales were up over 60% year-over-year (YoY).

Strengthening domestic manufacturing capabilities for battery cells will be critical to the transformation and build out of energy infrastructure in the United States. We are excited to invest and partner alongside leading energy innovators who also understand the importance of building and supporting a robust domestic supply chain. We expect our strategic alliance with KORE to enhance Quanta’s ability to deliver comprehensive energy solutions in partnership with our customers.

Andrew Schwaitzberg, leader of energy transition initiatives at Quanta Services

Demand for KORE’s domestically manufactured batteries is anticipated to increase further due to the domestic content needed to fully maximize the energy storage investment tax credit under the Inflation Reduction Act (IRA).

As a US-based manufacturer with the ability to supply top-tier lithium-ion cells, the KOREPlex will take us to the next level. We will have American workers and an American supply chain driving the growth of clean energy and vehicle electrification. In the coming months, we expect to announce additional agreements demonstrating our commitment to building a domestic supply chain for the KOREPlex and embracing a circular lifecycle for our products.

Lindsay Gorrill, CEO and Co-Founder of KORE Power

KORE Solutions

Since the announcement last year that the KOREPlex would be established in Arizona, KORE announced a series of agreements to secure the US supply of materials used in battery cell manufacturing. It also launched a vertically integrated energy storage solutions provider based in Vermont called KORE Solutions.

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TAGGED: Battery Production, KORE Power, Lithium-ion Battery, Siemens, USA
EV-a2za January 22, 2023 January 22, 2023
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