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 e-mobility 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 gig