U.S. Department of Energy supports domestic lithium-ion battery production in Buckeye, AZ.
KORE Power, Inc. (KORE), leading U.S.-based developer of battery cell technology, has secured a conditional commitment of $850 million from the U.S. Department of Energy’s Loan Programs Office (LPO). This key financial injection will support the construction of the company’s state-of-the-art battery cell manufacturing facility, the KOREPlex, in Buckeye, Arizona.
Massive capital injection
The substantial loan, under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program, seeks to fuel domestic manufacturing and the production of lithium-ion batteries for electric vehicles and energy storage systems. “We are focused on building a facility where American workers will build the battery cells that power our energy and mobility future,” remarked Lindsay Gorrill, Founder and CEO of KORE.
The KOREPlex facility
KORE’s new facility, KOREPlex, will sprawl across 1,330,000 square feet, housing multiple production lines. It is designed to produce cells using two chemistries: nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP). This investment brings America closer to energy independence and job creation, empowering workers across the supply chain.
Benefits for local economy
Projected to create a total of 1,950 jobs, the KOREPlex facility holds promising economic implications for Arizona. It’s expected to establish 700 construction jobs and, once operational, provide 1,250 direct employment opportunities. The facility is set to have an annual production capacity of 6 GWh, expandable based on demand, with products expected to hit the market by the end of 2024 or early 2025.
Aligning with national energy goals
The commitment to KORE power complements the bipartisan Infrastructure law and the Inflation Reduction Act. Arizona Senator Mark Kelly opines that KORE’s advancement will be a game-changer for Arizona’s clean energy sector. This move not only drives job creation but also reinforces national security by reducing dependence on foreign sources of battery components.
Specifications of KOREPlex project
- Funding Source: Advanced Technology Vehicles Manufacturing (ATVM) Loan Program
- Loan Amount: $850 Million
- Location: Buckeye, Arizona
- Facility Size: 1,330,000 square feet
- Production Capacity: 6 GWh annually (expandable)
- Job Creation: 1,950 jobs (700 in construction, 1,250 direct)
- Product Availability: End of 2024 or early 2025
The forward leap by KORE Power is more than a triumph for the energy storage and e-mobility sectors; it’s a victory for the United States’ clean energy ambitions and commitment to domestic manufacturing. Investments like these underscore the potential of American innovation and enterprise. It heralds a future where we power our world with home-grown ingenuity, creating not just jobs but a resilient economy and environment.