KORE Power has closed the initial $75 million tranche of a private placement anticipated to total $150 million. Siemens Financial Services was the lead investor and was joined by Quanta Services, with additional strategic partners including Nidec Motor Corporation, Honeywell Ventures, Trog Hawley Capital, and a leading utility scale energy storage provider.
KORE is a U.S.-based developer of lithium-ion battery cells and manufacturer of integrated solutions for the emobility and energy-storage sectors. KORE intends to use the proceeds of the financing to start the construction of its KOREPlex gigafactory in the Phoenix area and to purchase long lead-time items required for construction of the facility. The KOREPlex is expected to have initial annual production capacity of 6 gigawatt hours (GWh) of high-density lithium-ion cells. Production is expected to expand to 12 GWh and beyond to meet expected market demand. The KOREPlex will also be among the first U.S. battery cell giga
