Jeff St. John of Canary Media reports that Kore Power has raised $75 million to build lithium-ion battery cells in Arizona.
- The Idaho-based company will use the funding to build a factory in Arizona that will produce 6 gigawatt-hours of lithium ion battery cells per year.
- Kore Power is unique in that it makes its own lithium ion battery cells, rather than relying on joint ventures with international companies.
- The company will also supply its Arizona factory with battery materials produced in the United States.
“Kore isn’t primarily focused on EVs, although it does plan to supply its battery cells to electric-drivetrain startup ZEVX and potentially to other automakers. It’s also aiming at the stationary-storage market, another market segment that has received a significant boost from tax incentives in the Inflation Reduction Act. In March, Kore acquired Northern Reliability, a storage-system integrator and developer that it has renamed Kore Solutions, to serve these markets.”
Read the full article here.
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