Kore Power, a US-based battery developer, has announced plans to partner with Siemens to establish a battery cell factory in Buckeye, Arizona, with an annual capacity of 12 GWh. The factory, called ‘KOREPlex’, will be one of the first gigafactories in the US built independently of an automaker, enabling it to supply batteries to a wide range of customers.
The plant will initially have an annual production capacity of 6 GWh, with plans to expand production “to 12 GWh and beyond” later. The factory will produce battery cells for electric vehicles and stationary applications, and construction is set to be completed in late 2024 or early 2025. The factory’s cooperation with Siemens is both financial and operational: Siemens Financial Services is the main investor in the first private financing tranche of $75 million, while Siemens Smart Infrastructure will be responsible for the electrical infrastructure and energy management at the factory.
See also: Siemens invests $100 million into Electrify America, become first external investor
Siemens’ involvement is seen as an advantage in the current favourable investment climate in the US, and Kore Power’s announcement underlines both companies’ eagerness to take advantage of these conditions. Other investors in the private financing tranche include Nidec Motor Corporation, Honeywell Ventures, Trog Hawley Capital, and “a leading energy storage provider.”
According to Lindsay Gorrill, founder and CEO of Kore Power, “Kore Power is the first US-based, American-owned, and fully integrated provider of cells and batteries…together with Siemens’ support and solutions, KORE is uniquely positioned to serve the American market’s demand for batteries, which is expected to nearly triple over the next couple of years.”
Siemens is also highlighted for its personnel involvement, as Jason Thompson, Vice President Private and Growth Equity at Siemens Financial Services, recently joined Kore Power’s Board of Directors. Ruth Gratzke, President of Siemens Smart Infrastructure USA, emphasized that “we at Siemens believe smart manufacturing starts with a smart factory…this is the time to not only set the foundation for critical supply chains but also to build American factories that are safe, reliable, flexible, and connected.”
Kore Power’s factory will be a crucial factor in meeting the increasing demand for batteries in the US and building a sustainable future.
