KORE Power and Multi Source Power Technologies enter into a Memorandum of Understanding to form a Strategic Alliance

KORE Power, today announced that it has entered into a Memorandum of Understanding ("MOU") with UK-based Multi Source Power Technologies Ltd. (“MSP”).

The MOU forms a strategic alliance for energy storage projects between KORE Power and MSP, and is designed to increase business and sales opportunities through the integrated efforts and unique contributions of each company. The strategic alliance will focus on business opportunities served by the combined strengths of MSP’s energy storage asset integration products and services and KORE Power’s Mark 1™ Battery Energy Storage System.

MSP is an energy storage and power conversion company that designs and produces modular hybrid power systems devised for rapid deployment. The Company’s solutions are compact, flexible, scalable, ultra-low maintenance, and specially designed to work efficiently with any power input. MSP targets and has deployed its solutions in large markets where its products can enable onward growth and development, including the United Kingdom, Europe, and Africa, where stable power is scarce. MSP produces electric vehicle charging systems, hybrid generators and microgrid applications for land and marine markets and the strategic alliance allows MSP to offer KORE Power's Mark 1™ to its customers.

"We are delighted to partner with KORE Power and bring the Mark 1 ESS into our portfolio. This partnership unlocks a commercially constrained supply chain for MSP. It allows us to integrate with a more versatile energy storage module in denser, more scalable configurations, which is ideal for our target customers' requirements," said Simon Patterson, CEO of Multi Source Power Technologies Ltd. "Corporately, our objectives are ideally aligned. It's the complete strategic fit as both of our companies are focused on creating the best possible solution to facilitate the cleantech revolution on a global scale – even in regions where it's challenging."

"Partnering with MSP is a powerful next step for global distribution of KORE Power products. We are excited to kick off this alliance at a time where energy storage solutions like the Mark 1™ are in high demand - particularly in the markets supported by MSP," said Lindsay Gorrill, CEO of KORE Power. "Together, our companies will promote and sell a joint solution that we have found ideal for MSP's customers, and we look forward to working closely with MSP to deliver these new integrated systems to the regions that need them most."

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