Coeur D'alene, Idaho-based KORE Power Inc. is expected to receive an $850 million loan from the U.S. Department of Energy for its new battery factory in the Phoenix metro.
The battery cell developer announced Friday that it has received a conditional commitment for the loan through the department's Advanced Technology Vehicles Manufacturing (ATVM), which provides loans for eligible vehicle and qualifying components manufacturing.
The funds will be put toward the construction of KORE Power's battery cell manufacturing facility called KOREPlex, which will total 1.3 million square feet in its first phase near State Route 85 and Baseline Road in Buckeye, about 40 minutes west of downtown Phoenix.
The first phase will represent an investment of more than $1 billion and produce 6 gigawatt-hours of high-density cells to support electric vehicles and energy storage systems in the U.S. using nickel manganese cobalt and lithium-ion iron phosphate.
