The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

DOE agrees provisional US$850 million loan to Kore Power for Arizona gigafactory


Vertically integrated US energy storage company Kore Power has received a conditional commitment from the US Department of Energy (DOE) for a $850 million loan for its Arizona gigafactory.

The DOE’s Loan Programs Office (LPO) is set to provide the loan for Kore Power’s lithium-ion gigafactory, the KOREPlex, which will produce both NMC and LFP battery cells with customer deliveries starting late 2024/early 2025.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Civil works on the site began late last year, and the facility will have an annual production capacity of 6GWh with the potential to increase that to 12GWh.

It will serve both the EV and stationary battery energy storage system (BESS) sectors, the latter of which Kore itself recently entered through the acquisition of a system integrator. It has recently been winning mediums-sized BESS project deals, including one in Arkansas and another in Illinois which involves replacing an entire battery fleet (Premium access).

“This support from the LPO will help KORE expand its U.S. leadership in the rapidly growing energy storage and e-mobility sectors while growing our business, allowing us to power the energy transition with American products,” said KORE’s Chief Financial Officer Alexander Nickolatos. 

Arizona Senator Mark Kelly added: “This is big news for Arizona and the country, supporting KORE Power’s gigafactory in Arizona will bring manufacturing back to America for a critical supply chain, while creating good-paying jobs.”

“The administration is taking advantage of the resources we provided through the Inflation Reduction Act to not just boost jobs in Arizona, but also to strengthen our national security by reducing our dependence on foreign sources of battery components for everything from electric vehicles to energy storage.”

It was also recently revealed that one of the investors in a US$75 million fundraising round that Kore completed last year is Energy Vault, the company known for its gravity energy storage solution. published an interview with Energy Vault CEO Robert Piconi last week (Premium access).

The loan announcement by the LPO comes after revealed that the US now has more planned lithium-ion production capacity than Europe (Premium access), with generous tax credit incentives for both battery production and BESS deployment provided by the Inflation Reduction Act.

It is part of the US’ now taking a more “aggressive stance” on climate change, LPO head Jigar Shah told in an interview at the start of the year.

Read Next

May 22, 2024
We hear from developers, IPPs and upstream battery sources about the US’ decision to massively hike tariffs on batteries and battery components from China.
May 20, 2024
Projects are increasingly being deployed close to populations as available plots of land become more scarce, making BESS noise a bigger topic than ever before, writes noise and acoustics consultancy Acentech’s Ethan Brush.
May 15, 2024
US zinc hybrid cathode battery storage manufacturer Eos Energy Enterprises has reaffirmed revenue guidance and expects to achieve a positive contribution margin this year.
May 13, 2024
The US Department of Energy (DOE) has issued Requests for Information (RFIs) on safety training for energy storage systems, and how to tackle manufacturing design challenges.
May 8, 2024
Europe appears to be slower and less bold than other markets like the US when it comes to financial support for upstream battery material projects like lithium refining, a company looking to invest half a billion euros in an EU project told

Most Popular

Email Newsletter