The Energy Storage Report 2024

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

Energy Vault and Kore Power in 7GWh battery tie-up


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.

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

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.”

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.

22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

April 18, 2024
The CFO of Goldman Sachs-backed US battery storage developer-operator GridStor discussed its recent investment tax credit (ITC) transfer deal for a California BESS project, highlighting some downsides as well as positives from the new mechanism.
April 18, 2024
Clearway Energy has put two large solar and storage projects into operation in California, it announced on the same day as an industry letter asking Congress to reform siting, permitting and transmission before this year’s elections.
April 18, 2024
Rapid technology improvements and trade policy risk pose a dilemma for US battery storage procurement decision-makers, write George Touloupas and Jeff Zwijack of consultancy and market intelligence firm Clean Energy Associates (CEA).
April 18, 2024
The Britishvolt saga and any potential for a lithium-ion gigafactory at the Northumberland, UK site looks to be over after US private equity firm Blackstone acquired it to set up a data centre.
April 17, 2024
Green Li-ion, a Singapore-headquartered startup, has put into operation what it claims is the first recycling facility in North America to turn black mass directly into precursor cathode active material (pCAM).

Most Popular

Email Newsletter