US set to loan KORE Power $850 mln for Arizona battery cell plant

The U.S. Energy Department said Friday it plans to loan KORE Power Inc $850 million to build an advanced battery cell manufacturing facility in Buckeye, Arizona.

The facility, called "KOREPlex", aims to strengthen the U.S. battery supply chain by significantly increasing battery cell manufacturing capacity for energy storage systems and electric vehicles.

The Energy Department said the facility will produce an estimated 6 GWh of battery cell storage capacity annually, which could power more than 28,000 EVs annually.

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