Coeur d'Alene, Idaho, August 16, 2022 – KORE Power (KORE) issued the following statement from CEO and Co-Founder Lindsay Gorrill upon President Biden’s signing of the Inflation Reduction Act:

“We thank President Biden for signing the Inflation Reduction Act and ushering in a new era of American leadership in clean energy manufacturing.

“The clean energy provisions in the Act prioritize scaling the domestic clean energy ecosystem, renewing our focus on raw material production and manufacturing, and catalyzing the maturation of the nation’s domestic supply chain,” said Lindsay Gorrill, CEO and Co-Founder of KORE Power. “It will position domestic suppliers to meet the demands of decarbonization in the energy and transportation sectors.

“As a lithium-ion battery cell manufacturer building a gigafactory outside Phoenix, we look forward to accelerating the growth of an end-to-end battery supply chain by delivering American IP built by American workers with recyclable North American materials to power e-mobility and energy storage solutions.

“As a partner to suppliers, end users, and recyclers, we are most excited that the Act will expand access to the jobs needed to realize these goals, and will rapidly expand the benefits that modern electrification and energy storage offer our economy, our customers and communities.”

About KORE Power:

KORE is a leading U.S.-based developer of battery cell technology and integrated solution manufacturer for the energy storage and e-mobility sectors. With clients in energy storage, e-mobility, utility, industrial and defense markets, KORE provides battery products and solutions that are the backbone for decarbonization across the globe. KORE is uniquely positioned to serve these markets as an integrated provider of cells, batteries, and solutions. Commercial production at the KOREPlex is targeted for 2025. The KOREPlex will have an initial annual production capacity of 6 GWh of battery cells, which may be expanded to 12 GWh to meet market demand. KORE is headquartered in Coeur d’Alene, Idaho, with operations in Waterbury, Vermont, and Buckeye, Arizona.

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