Holland & Knight Represents KORE Power in Receipt of Conditional Commitment for $850 Million Loan from the U.S. Department of Energy
WASHINGTON, D.C. (June 15, 2023) – Holland & Knight advised KORE Power Inc. in its application and negotiation for a loan under the Advanced Technology Vehicles Manufacturing Loan Program through the U.S. Department of Energy’s Loan Programs Office. KORE Power received a conditional commitment for a loan in the principal amount of $850 million.
The loan will be used to fund the construction of KORE’s advanced battery cell manufacturing facility in Buckeye, Arizona. The KOREPlex, a 1,330,000-square-foot facility, will house multiple production lines to manufacture batteries for electric vehicles and energy storage systems in the United States. The KOREPlex will produce cells using two chemistries: nickel manganese cobalt and lithium-ion iron phosphate.
With its initial lines fully operational, the KOREPlex will have an annual production capacity of 6 gigawatt-hours (GWh) of battery cells for customers in the e-mobility and energy storage space. KORE has the ability to further increase annual domestic production based on demand for lithium-ion batteries. The facility is expected to begin delivering product by the end of 2024 or early 2025.
Headquartered in Coeur d'Alene, Idaho, KORE is a leading U.S.-based developer of battery cell technology and integrated solution manufacturer for the energy storage and e-mobility sectors.
Holland & Knight’s representation of KORE Power is led by Partner Taite McDonald. She was assisted by Partners Daniel Brown and Ken Cestari on the financing and Senior Policy Advisors Reese Goldsmith and Elizabeth Noll on the application and Department of Energy strategy.
More information on the loan can be found here.