KORE Power and VELOCE ENERGY enter into a Memorandum of Understanding to form a Strategic Alliance
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 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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