KORE Power acquires 4.22% stake in ZEVx, an EV retrofit start-up powered by KORE battery cells
Electrification holding grows lithium-ion battery cell manufacture’s portfolio, builds on supply agreement announced in 1Q 2022 and joint development agreement announced in 2021.
Phoenix, Arizona – June 16, 2022 – KORE Power, Inc. (KORE), a leading U.S.-based manufacturer of lithium-ion battery cells, acquired a 4.22 percent stake in ZEVx, an innovative start-up dedicated to eliminating barriers to electric vehicle adoption with affordable EV conversion kits, and a focus on fleet electrification. Earlier this year, KORE announced a supply agreement with ZEVx to provide KORE battery modules for ZEVx’s electric powertrain kits through 2030.
“KORE Power produces the battery cells that provide the backbone of electrification, and ZEVx is accelerating vehicle electrification with products that allow for rapid, affordable conversion of fleet vehicles,” said Lindsay Gorrill the CEO and Co-Founder of KORE Power. “Our joint product development and investment will help ZEVx realize the promise of these innovations at a time when moving to electric vehicles makes so much sense economically and environmentally.”
Based in Gilbert, AZ – just an hour east of KORE Power’s planned KOREPlex gigafactory – ZEVx manufactures electric powertrain solutions that allow fleet customers to convert existing light-medium duty fleet vehicles to EV’s. Formerly known as Zero Electric Vehicles, Inc., the company is also partnering a with KORE Power to develop new advances in vehicle battery efficiency and safety.
“We’re proud to be two American companies putting American IP to work here in Arizona to reduce greenhouse gas emissions, increase energy independence, and eliminate barriers to EV adoption,” said Carolyn Maury, the CEO of ZEVx. “With KORE Power officially on our team, we can accelerate the deployment of our products to deliver these benefits to our customers.
“When fleets are electrified, the benefits – from reduced pollution to lower maintenance and fuel costs- reverberate in communities across the nation,” she said.
The investment expands KORE Power’s presence in the e-mobility space. In March, the company launched its KORE Solutions division after acquiring Northern Reliability, a Vermont-based energy storage solution provider. Later this year, the company will break ground on the KOREPlex, a two-million-square-foot manufacturing facility, which will produce up to 12 GWh of lithium-ion battery cells annually. The KOREPlex will allow the company too produce a domestic battery supply for e-mobility manufacturers and energy storage projects starting in 2024.
ZEVx (formerly Zero Electric Vehicles) is a leader in rapid development and distribution of electrification solutions for commercial fleets. ZEVx’s proprietary powertrain kit (batteries and drive motor) configuration and software enabled vehicle management system delivers rapid conversion turnaround of existing fleet vehicle. ZEVx’s partner network provides customers the support infrastructure, bundled with fleet management services, and EV knowledge they need to transform fleets to quickly meet sustainability goals. ZEVx’s primary mission is to enable EV participation across the existing automotive and mobility ecosystem and support fleets through their electrification journey while scaling globally using ZEVx’s partner ecosystem and open software architecture to make the ‘dream’ of EV accessible to all. For more information, visit www.zevx.com.
About KORE Power:
KORE Power, Inc. (KORE) is headquartered in Coeur d’Alene, Idaho, with operations in Waterbury, Vermont, and Buckeye, Arizona. KORE is the leading U.S.-based developer of battery cell technology for the clean energy industry. With clients in energy storage, e-mobility, utility, industrial and mission-critical markets, KORE Power provides the backbone for decarbonization across the globe. As the first U.S.-based, American-owned, and fully integrated provider of cells, batteries, and solutions, KORE is uniquely positioned to serve these markets. Through the construction and operations of its large-scale battery cell manufacturing facility in the U.S., KORE is positioned to operate at 12 GWh per year capacity. The facility (the “KOREPlex”) will operate with net-zero carbon emissions through strategic partnerships and solar and storage co-generation.
KORE Power’s differentiated approach provides customers with direct access, unparalleled service, superior technology, and Tier 1 product availability. Focused on building sustainable communities, clean energy jobs, and green economic expansion, KORE Power is proud to offer a functional solution to real-world problems and fulfill market demand to deliver a zero-carbon future. The KOREPlex is expected to come to Buckeye, Arizona, and be the anchor to the development of the Sustainable Valley by the end of 2024. For more information, visit www.korepower.com.