Cleaner Tech
Startup Behind Made-in-US Battery Plant Raises $75 Million
Factory to break ground as Biden calls for American-made batteries
An artist’s rendering of the planned KOREPlex facility in Buckeye, Arizona.
Source: Kore Power
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Startup Kore Power, Inc. has raised $75 million of an anticipated $150 million financing round to fund construction of a lithium-ion battery factory in Arizona, betting the recently passed Inflation Reduction Act will boost demand for US-made cells.
Siemens Financial Services led the round, which also included Quanta Services, Nidec Motor Corp., Honeywell Ventures and Trog Hawley Capital. Kore, based in Idaho, has now raised about $150 million to date.