Energy  Storage News by KORE Power

KORE Power, a leading developer of high density, high voltage energy storage solutions, announces that it has retained CohnReznick Capital as its investment banker to advise the Company on a private equity placement to support continued growth and business development.

A Coeur d’Alene company is developing battery storage technology similar to that of Tesla Inc., which could lead to a manufacturing facility being sited in the state with up to 2,000 jobs. The company, KORE Power, produces lithium ion batteries using a similar technology to batteries today, but with higher density and less cost, said CEO Lindsay Gorrill. Unlike Tesla – which built a 1.9 million square foot “Gigafactory” in Sparks, Nevada, to produce batteries – KORE produces its own cells. The cells can be used in a variety of products, ranging from an electric bicycle to the massive storage a utility company would use, he said.

It has become critical for the energy storage, greater battery manufacturing, and investor communities to understand this very point: rare earth means something and not just that there’s an overabundance or underabundance of something, but rather is a classification of elements. Simply put, the minerals used to make lithium-ion batteries so promising may be mislabeled “rare earth” due to their difficulty to access however, few if any of them are actually rare. If they were, wouldn’t you think we’d be having a longer conversation about how people will survive one day without a mobile phone or laptop?

KORE Power announced the appointment of its executive team in early August, noting that founder Lindsay Gorill identified a manufacturing partner in Do-Fluoride Chemicals, which was already active in producing batteries for EVs. KORE Power then went about adapting the technologies for use in various grid and behind-the-meter energy storage applications.

The KORE Power team met with manufacturing partner, Do-Fluoride Chemicals (DFD), last month at DFD’s plant in Jiaozuo, China to enhance the structural design of the Mark 1 solution and review the cell technology and processes for manufacturing, assembly and quality control. The trip was a success and KORE Power anticipates that production of the cells will be at full capacity in February 2020, a full month ahead of schedule.

KORE Power will conduct research and development with NOVONIX to improve their battery technology utilizing NOVONIX’s proprietary battery cell testing technologies. The project will support KORE Power’s objectives of building high quality energy storage systems and battery cell manufacturing in North America.

Scott Osborne will be speaking at Solar Power / Energy Storage International - Advanced Topics in Energy Storage: 201 – The U.S. Energy Storage Market of Tomorrow. "Aimed at energy storage professionals along the entire value chain, this forward-thinking session will equip your company with innovative concepts needed to succeed in the storage marketplace of tomorrow.

Mr. Hagedorn joins KORE following his tenure at Energy Storage Systems (ESS) Inc. where he served as Director of Operations. During his time at ESS, he directed the transformation of the base product and component structure to commercial production; developed the international supply chain and strategic approach to target low cost areas and local production; researched and assessed new facilities/locations; and implemented strategic plans to support the company’s growth and operations.

Saba has over 20 years of business development experience and was responsible for extensive growth of that company, including its expansion into new markets in India and the Far-East, as well as into the US and Europe. Saba is opening KORE’s office in Chennai, India and will lead APAC and Africa business development as KORE begins production of their new Mark 1 Energy Storage System.

Tom DeRosa, the founder of the executive search firm Renewable Search, has joined the rapidly expanding team at KORE Lithium Technologies, Inc. (“KORE Power”) as they begin manufacturing and sales of their new Mark 1 Energy Storage System.

Up and Coming Energy Storage Company Continues to Build World Class Team