The US Navy & Department of Defense recently announced storage investments totalling $100m as utilities begin relying on the military to bail them out in times of crisis
US DOE commits to $850m KORE battery manufacturing loan
KORE Power has received a conditional commitment from the US Department of Energy’s Loan Programs Office (LPO) for a $850 million loan to fund the construction of a battery cell manufacturing facility that will produce batteries for energy storage systems and electric vehicles.
The loan will be provided by the LPO under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program.
The planned 1,330,000-square-foot KOREPlex facility in Buckeye, Arizona - will house multiple production lines to produce cells using two chemistries: nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP).
The construction of the KOREPlex is expected to create 700 jobs. The facility itself is expected to create 1,250 direct jobs when operating at capacity.
KORE is working with local colleges and universities in Arizona to establish training initiatives and programs for the KOREPlex workforce that will be needed to create a US-made supply of batteries for electric vehicles and stationary energy storage.
With its initial lines fully operational, the KOREPlex will have an annual production capacity of 6 GWh of battery cells. KORE has the ability to further increase annual domestic production based on demand for lithium-ion batteries. The facility is expected to begin production by the end of 2024 or early 2025.