Energy Vault and Kore Power have announced a master supply agreement (MSA) which will see Kore supply 1.3GWh of US-made batteries in 2025, potentially rising to 7GWh by 2027.
The companies announced the agreement yesterday (9 August), which will start when Phase One of Kore Power’s Koreplex Arizona gigafactory commences operations.
Energy Vault, which is known for its gravity-based long-duration energy storage solution but offers battery storage and green hydrogen too, will incorporate Kore Power’s batteries into its grid-scale battery storage solutions.
“Energy Vault sought a strategic domestic battery manufacturing partner that would provide an advantage to our grid-scale energy storage solution customers,” said Marco Terruzzin, Chief Commercial & Product Officer, Energy Vault. “Our detailed diligence of KORE Power revealed they could offer a tier-one quality product at attractive unit economics that will be made in Arizona and therefore qualify for certain IRA incentives to benefit our customers.”
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Energy Vault invested in Kore Power with a minority stake acquisition earlier this year while also this week announcing new project awards in the US and Southeast Asia in its second quarter results.
Kevin Keough, Senior Vice President of Corporate Development, Energy Vault said: “Our investment gains us significant time-to-market leverage as well as other important competitive advantages in the very large U.S. market segment for our energy storage solutions.”
Kore is considering expanding the future production capacity to 18GWh from its existing target of 12GW, and is exploring other US locations too. The firm has expanded downstream into integrate battery energy storage system (BESS) solutions with the acquisition of Northern Reliability last year.
Last week, mobile BESS provider Nomad, a company in which Kore holds a minority stake, secured a Department of Energy (DOE) grant to deploy its solution in rural Vermont. Kore itself is progressing with a US$850 million DOE loan for its gigafactory, receiving a conditional commitment in June.
