KORE Power will deliver at least 450 MWh â€” and up to 600 MWh â€” of lithium-ion battery cells, modules and racks to Nidec North America in 2024, the first year of a new annual supply agreement.
Under the terms of the agreement, supply will grow up to 2.2 GWh in 2026.
Late last year, KORE announced Nidec was part of its Series A Funding Round. In addition to that agreement, todayâ€™s announcement secures KOREâ€™s position as a supplier of lithium-ion cells, modules and racks for Nidec. Nidec specialises in energy storage and power conversion systems.
The collaboration between the companies also includes developing turnkey energy storage systems for utility-scale and commercial/industrial projects.
In the next three years, Nidec will supply 225 MVA [megavolt-amperes].to 1,100 MVA of power conversion systems to capture the substantial growth in the energy storage market in North America.
â€œThis agreement solidifies the strategic partnership between KORE and Nidec,â€ said Lindsay Gorrill, CEO and Founder of KORE Power. â€œCombined, our teams bring a century of advancing power technologies. Together we will drive energy storage opportunities forward for industrial, commercial and utility-scale customers.â€
Dominique Llonch, president of Nidec Industrial Solutions, said: “Leveraging Nidec’s expertise in power conversion and energy storage solutions, this partnership enables us to address the growing demand for energy storage projects. Our customers are seeking to maximise return on their deployment of intermittent energy sources. With our strength and reach in industrial solutions, and KORE’s supply of proven lithium-ion technology, we will deliver new solutions to meet that demand.â€