KORE Power secures $850M federal loan for EV battery factory in Arizona.
TL;DR Summary
KORE Power's construction of its EV battery factory in Arizona is set to be accelerated with an $850m loan from the US Department of Energy. The factory will produce nickel manganese cobalt and lithium-ion iron phosphate battery cells for EVs and battery storage systems in the US, with an annual production capacity of 6 GWh. The facility is expected to create 1,250 direct jobs when operating at capacity and will begin delivering batteries by the end of 2024 or early 2025.
- KORE Power's big EV battery factory just got an $850M DOE boost Electrek.co
- DOE announces $850M loan for battery plant The Hill
- Company with Vermont ties secures $850M loan for battery manufacturing plant in Arizona VTDigger
- KORE Power battery factory in Arizona gets $850M federal loan to build The Arizona Republic
- KORE gets conditional OK for $850M U.S. loan for EV battery plant Automotive News
- View Full Coverage on Google News
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