Search

Energy Storage

Monday
12 Jun 2023

DOE Gives Conditional Loan Commitment for $850M to Kore Power for Battery Plant in Arizona; NMC and LFP

12 Jun 2023  by greencarcongress   
The US Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment for an $850-million loan to help finance the construction of KORE Power’s advanced battery cell manufacturing facility in Buckeye, Arizona. T

The KOREPlex will produce an estimated 6 GWh of battery cell storage capacity annually, which could power more than 28,000 EVs annually and displace an estimated 11.8 million gallons of gasoline per year. The project is expected to create up to 700 construction jobs and 1,250 operations jobs.

KORE will be collaborating with nearby colleges and tribes to train the local workforce for operations roles.

The 1,330,000-square foot KOREPlex building will house two production lines, which will manufacture batteries for EVs and ESS. The KOREPlex plant will also produce two battery cell chemistries, including both nickel manganese cobalt (NMC), and lithium-iron phosphate (LFP), which does not utilize cobalt and may help reduce reliance on foreign supply chains use of that critical material.

Intellectual Property, manufacturing processes, and know-how will be onshored by KORE through the construction and operation of the KOREPlex. The project will support KORE’s ability to sell US-made batteries to a number of established offtakers. As part of its strategy, KORE will also target smaller automotive OEMs requiring lower production volumes and will aim to provide higher levels of service compared to other battery manufacturers.

Buckeye, Arizona, where the project is located, is a DOE-identified disadvantaged community (DAC), and KORE will be engaging with local community colleges and Tribal communities to hire and train the local workforce for facility operations jobs.

This is the seventh conditional commitment LPO has announced through the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program within the past year. The program supports projects that can produce EVs, qualifying components, and materials that improve fuel economy.

More News

Loading……