NewsKORE Power's significant electric vehicle battery plant has recently secured $850M in funding from the DOE
June 9, 2023
KORE Power has been granted an $850 million loan from the US Department of Energy, allowing them to fast-track the construction of their EV battery factory in Buckeye, Arizona.
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- The 1.33 million-square-foot KOREPlex will feature multiple production lines to make NMC and LFP batteries for EVs and energy storage systems in the US.
- The facility is expected to begin delivering batteries by the end of 2024 or early 2025, creating 1,250 direct jobs when operating at capacity.
- Americans want pride in driving electric vehicles powered by US-made batteries and manufacturers want confidence that their supply will be available on time, making this injection of funds an important step forward.
- The money was awarded under the ATVM Loan program by DOE's Loan Programs Office.
