Dear Customers and Partners,
Happy New Year! We couldn’t be more optimistic about 2020.
2019 brought so many opportunities to our industry. We regularly now see energy storage projects in the hundreds of Megawatts, even Gigawatts, in which we’re taking on gas peaker plants; a dream that was unheard of just a year ago. I remember in 2016 when 20 MWh was an impossible energy storage project size!
There’s lots of talk about ITC for storage. Even though we didn’t get in the first round, the consensus is that this will happen in 2020.
And EV’s, our engine of collective growth, finally has hit the critical mass that we’ve all been waiting for. Everyone’s second car will be an electric car in the very near future.
Meanwhile at KORE Power, we’re very optimistic about 2020:
We’ve kept our promise of delivering and certifying products on time. Our NMC Mark 1 cells have just been certified and the racks and modules are still on track to be certified by the end of February as originally planned and promised. That means our 2 GWh line will be commissioned as planned on March 31, with the flexibility to expand over the next several quarters into 2021, as the market demands.
We’ve already received our first purchase orders for three energy storage projects, and will do everything possible to ensure the installations are a success. We expect completion of these projects immediately after the commissioning of the 2 GWh line. More news is forthcoming via press release this month.
Our prospect of building a US 10 GW manufacturing US factory devoted to energy storage has earned us meetings in the White House. Everyone is talking about the battery startup looking to create upwards of 8000 US jobs. We aim to make the site decision in Summer 2020. There is so much opportunity, especially in the US, for everything from defense to microgrids to large scale peaker plants, and our goal is to achieve a leadership position in this market.
We’re growing and we’re hiring. We’re betting that 2020 is a year in which energy storage continues its hockey stick growth.
Please reach out to us, either through our website, by email, text, old fashioned phone, or at the key 2020 energy storage conferences. We want to help you succeed.
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.