KORE Power Announces 44 MWh Procurement Agreement with Cordelio Power

American-made KORE Power solutions will re-power energy storage assets in PJM

KORE Power, Inc. (KORE) will supply American-built battery energy storage systems to Cordelio Power for the repowering of Cordelio’s 20 MW/44 MWh McHenry standalone storage facility in the PJM Interconnection. Repowering with KORE’s deep-rack battery systems will increase the power, safety and flexibility of the facility.

KORE Power, a leading manufacturer of lithium-ion cells and energy storage solutions, will build the NMC deep-rack solutions for Cordelio at its facility in Waterbury, Vermont. This is the latest in a number of recent agreements which will deploy KORE Power products in energy storage applications across the globe.

“The KORE team has developed our NMC deep-rack system to provide increased energy density while delivering unrivaled safety, reliability and responsiveness for energy storage systems that will operate in a range of environments,” said Lindsay Gorrill, Co-Founder and CEO of KORE Power. “KORE technology will help Cordelio’s facility stabilize the grid through summer heatwaves and polar cold snaps.”

Cordelio Power is an independent power producer that develops, owns and manages renewable power and battery storage facilities across North America. Cordelio’s development pipeline includes more than 18,000 MW of clean energy projects.

“The need to stabilize the grid and integrate renewable energy sources is set to grow rapidly in PJM, and we will need the most advanced energy storage technology available,” said Dan Foley, Innovation Leader at Cordelio Power. “We’re pleased to be working with KORE on this important project.”

According to the agreement, the NMC systems will be delivered in the first quarter of 2024. The financial terms of the agreement were not announced.

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 which are the backbone for decarbonization across the globe. As an integrated provider of cells, batteries and solutions, KORE is uniquely positioned to serve these markets. Commercial production at the KOREPlex is targeted for the end of 2024, early 2025. The KOREPlex will have initial annual production capacity of 6 GWh of battery cells, which will be expanded to 12 GWh to meet expected market demand. KORE is headquartered in Coeur d’Alene, Idaho, with operations in Waterbury, Vermont, and Buckeye, Arizona.

For more information, visit www.korepower.com.

Cautionary Statement

Certain statements contained herein constitute forward-looking statements, including but not limited to statements about the plans, objectives, and expectations. All statements included herein, other than statements of ‎historical fact, are forward-looking information, and such information involves various risks and ‎uncertainties. KORE Power, Inc. believes the expectations reflected in these forward-looking statements are ‎reasonable, but no assurance can be given that these expectations will prove to be correct, and ‎such forward-looking statements in this news release should not be unduly relied upon. Forward-looking statements included in this news release are made as of the date of this news release, and ‎ KORE Power disclaims any intention or obligation to update or revise any forward-looking statements, ‎whether as a result of new information, future events, or otherwise, except as expressly required by ‎applicable securities legislation.‎

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