KORE Power Inc., the nation’s leading U.S.-based developer of battery cell technology for the energy storage and clean energy industry, announces it has entered into a Memorandum of Understanding ("MOU") with VELOCE ENERGY, a startup focused on accelerating the world’s transition to a fully electrified future.
The MOU outlines the strategic alliance, including securing supply of critical storage components for the VELOCE products, and establishes the basis for the co-development of business opportunities in the stationary storage space.
VELOCE ENERGY develops technology to create intelligent, flexible, scalable grid-edge energy networks (GrEEN). Initially focused on cost reduction in EV charging stations, the VELOCE FastGrid™ system uniquely combines energy storage, intelligence, a streamlined installation system and a unique charging-infrastructure-as-a-service model to quickly maximize and deliver customer value.
“Working with VELOCE, another U.S.-based company with a similar vision, will help us further promote widespread energy storage adoption,” said Lindsay Gorrill, CEO of KORE Power. “E-mobility is a key market for us and we know that our partnership will benefit both companies as well as our customers.”
“We are excited to announce the MOU with KORE Power. Securing an industry-leading partner in storage technologies was a critical step in establishing VELOCE as a leader in EV charger infrastructure,” said Mike Schenck, VP of Products and Engineering at VELOCE. “The strategic alliance with KORE Power will also enable us to work together on developing market opportunities and solutions.”
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.