KORE Power Commends Passage of Inflation Reduction Act

Buckeye, Arizona, August 12, 2022 – KORE Power (KORE), a leading U.S.-based developer and manufacturer of battery cell technology, commended passage of the Inflation Reduction Act on Friday, saying the federal legislation sets a clear path for the development and success of a U.S.-based supply chain to help the nation achieve its climate change goals.

“This fall, when we break ground on our 12 GWh lithium-ion battery cell manufacturing facility, the KOREPlex, in Buckeye, Arizona, we will show that manufacturing U.S.-owned IP in a U.S. facility with American workers drives our economic competitiveness and creates good jobs,” said KORE CEO and Co-Founder Lindsay Gorrill. “But our vision has always been to use the KOREPlex as a catalyst for creating a domestic supply chain. Developing the Sustainable Valley in Arizona will make just-in-time manufacturing a reality and drive even more access to clean energy jobs. This legislation sets a roadmap to deliver that promise and we look forward to President Biden signing the bill.”

Provisions in the legislation create domestic supply incentives for renewable energy projects and electric vehicles as well as tax credits for the domestic production of clean energy components. Together these policies will support U.S. communities, like Buckeye, that are looking to attract clean energy investments.

“This legislation will help Buckeye reach its goal of becoming a hub of sustainable technology and clean manufacturing,” said Buckeye Mayor Eric Orsborn. “With the KOREPlex as an anchor, Buckeye's existing logistical strength and strong federal support for building a domestic supply chain, being part of the Sustainable Valley becomes even more attractive.”

By driving investment in domestic manufacturing, the legislation will also advance American innovation and with facilities like the KOREPlex, a growing EV sector and leading educational institutions, Arizona is poised to become a global leader in advancing clean technologies.

“Clean energy investment is critical to Arizona’s economy, our health and safety, and the environment,” said Steven G. Zylstra, president and CEO, Arizona Technology Council and SciTech Institute. “We’re thrilled to see the passage of the Inflation Reduction Act, as its policies will greatly improve opportunities for KORE Power and the many other Arizona companies involved in creating electric vehicles, energy storage and economic growth for the U.S. The incentives will also create tremendous momentum for clean energy innovation. As the leading technology advocate for Arizona, we will continue to work with our members to push for legislation like this that bolsters clean energy usage here and nationwide.”

Founded in 2018, KORE Power has leveraged the experience of its contract manufacturing partner to build and deploy battery cells to its global customer base. The KOREPlex will create thousands of new advanced manufacturing jobs in Arizona and will strengthen U.S. energy security by creating a new domestic battery cell supply. The KOREPlex will produce 12 GWh annually – nearly 60 million battery cells – to support a reliable and independent U.S. supply chain for lithium-ion battery cells, which are critical to the future of electric vehicles, power grids, and more. The facility will have the capacity to produce enough power for 3.2 million homes each year. KORE plans to start construction of the facility by the end of the year with the goal of beginning production by the end of 2024.