KORE POWER
KORE Power Selects Siemens Xcelerator to Optimize Production at Arizona Gigafactory

As the global leader in industrial automation and software, Siemens will provide a range of technology from Siemens Xcelerator including an end-to-end suite of digitalization and automation solutions that will help digitally transform KORE Power's entire design and manufacturing process. From production design to planning and simulation, Siemens is helping companies of all sizes simulate and automate the production process to deliver efficiency and safety.

The collaboration between Siemens and KORE Power underscores both companies' commitment to driving innovation, operational excellence, and sustainability in the energy sector. With the selection of Siemens Xcelerator to power the KOREPlex, the facility is expected to become a frontrunner for advanced manufacturing and set a new benchmark for the industry while bringing battery production closer to customers and consumers in the United States.

"We're thrilled to see KORE Power harness the transformative capabilities of Siemens' Xcelerator for their state-of-the-art KOREPlex gigafactory in Arizona," said Barbara Humpton, President and CEO of Siemens USA. "This collaboration exemplifies our shared commitment to driving innovation, enhancing energy storage solutions, and reshaping the future of sustainable manufacturing. At Siemens, we remain steadfast in our mission to empower industry leaders like KORE Power to achieve new heights in efficiency and digitalization."

"Siemens' hardware and software will allow the KOREPlex to increase productivity and efficiency while reducing waste," said Lindsay Gorrill, CEO and Founder of KORE Power. "It also means the KOREPlex team that makes our cells and builds our batteries will use best-in-class advanced manufacturing technology." In addition to automation technology, Siemens provides electrical infrastructure and energy management solutions to the KOREPlex that automate and digitalize building operations, ensuring the future gigafactory is intelligent from the inside out. Late last year, the companies announced that Siemens Financial Services was the lead investor in KORE's Series A funding round.

KORE Power, Inc. (KORE) recently received a conditional commitment from the U.S. Department of Energy's Loan Programs Office (LPO) for a loan in the principal amount of $850 million under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program. This loan will be used to fund the construction of the KOREPlex.

Siemens Corporation is a U.S. subsidiary of Siemens AG, a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power. In fiscal 2022, which ended on September 30, 2022, Siemens Group USA generated revenue of $18.6 billion and employs approximately 45,000 people serving customers in all 50 states and Puerto Rico.

KORE Power Inc. 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 the end of 2024, early 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.

Contacts

Contact for journalists
Charlie DiPasquale
Phone: 240.481.6632; E-mail: Charlie.Dipasquale@siemens.com