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KORE Power: SFS serves as Lead Investor to construct KOREPlex Gigafactory in Arizona

KORE Power: SFS serves as Lead Investor to construct KOREPlex Gigafactory in Arizona

Electrical & Electronic (E&E)

KORE Power

Coeur d'Alene United States of America

KORE Power

Coeur d'Alene,

United States of America

Sustainability

Supply chain issues have limited growth in e-mobility and energy storage in the U.S.
Underpinned by the recent Inflation Reduction Act, demand for domestically manufactured batteries is expected to increase.
With customers in e-mobility and energy storage, KORE Power provides battery products and solutions. Given market trends, more capacity is needed to support the demand.

Siemens Financial Services (SFS) was the lead investor in a $150 million private placement for KORE Power’s KOREPlex project, a lithium-ion battery cell gigafactory in Phoenix, Arizona.
The KOREPlex will have an initial annual production capacity of 6 GWh of high-density lithium-ion cells. Production will be expanded to 12 GWh and beyond.
KORE Power will break ground on the KOREPlex in Q4 2022, with initial output beginning in late 2024.

“Siemens Financial Services is proud to be the lead investor committed to backing KORE with both our capital and know-how. KORE’s focus on manufacturing and vital industries align with the strategic direction of SFS’s investments in the U.S. to date.”

Steffen Grosse, CEO of Equity Finance, Siemens Financial Services

Completion of this project will allow KORE Power to supply batteries to a wide range of innovative e-mobility and energy storage customers, meeting expected “Made in America” market demand.
SFS and KORE share the same commitment toward sustainable development of the U.S. battery industry and accelerated decarbonization of the globe.

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