Energy Vault agrees KORE Power US battery supply deal

August 11, 2023

KORE Power has been selected by Energy Vault to deliver US-produced batteries starting in 2025, when phase one of the KOREPlex facility in Arizona comes online.

The master supply agreement outlines an initial delivery capacity of 1.3 GWh in 2025, ramping up to 7 GWh in 2027 as KORE’s domestic battery production expands.

In the first phase of the agreement with Energy Vault, KORE Power – in which Energy Vault holds a stake – will manufacture the batteries at its KOREPlex facility in Buckeye, Arizona. KORE Power began building the facility late last year and anticipates it will come online in 2025.

In phase one of the KOREPlex’s operations, the advanced manufacturing facility will have a total production capacity of a minimum of 6 GWh annually. It will produce both NMC [lithium-nickel-manganese-cobalt-oxide] and LFP [ lithium iron phosphate] battery cells for customers in the energy storage and e-mobility sectors. The company is exploring expanding production capacity in subsequent phases at the KOREPlex to as much as 18 GWh, and it is also exploring expanding its manufacturing capacity with additional US facilities.

Energy Vault has previously made a $15M early-stage strategic investment in KORE Power alongside Siemens Financial Services, Quanta Services, Honeywell Ventures and others.

“Energy Vault is positioned to be a leading provider of energy storage solutions, and with a reliable supply of domestically produced KORE Power batteries, will be able to meet the commitments it has made to advance storage capacity in the United States,” said KORE CEO and founder Lindsay Gorrill.

Kevin Keough, senior vice president of corporate development, Energy Vault, said: ““We see KORE Power leading the way as one of the first independent domestic manufacturers. 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.”