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KORE Power secures $850M federal loan for EV battery factory in Arizona.

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Source: Electrek.co
KORE Power secures $850M federal loan for EV battery factory in Arizona.
Photo: Electrek.co
TL;DR

KORE Power's construction of its EV battery factory in Arizona is set to be accelerated with an $850m loan from the US Department of Energy. The factory will produce nickel manganese cobalt and lithium-ion iron phosphate battery cells for EVs and battery storage systems in the US, with an annual production capacity of 6 GWh. The facility is expected to create 1,250 direct jobs when operating at capacity and will begin delivering batteries by the end of 2024 or early 2025.

Topics:businessenergy#doe-loan#energy#ev-battery-factory#job-creation#kore-power#lithium-ion-batteries
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  1. KORE Power's big EV battery factory just got an $850M DOE boost  Electrek.co
  2. DOE announces $850M loan for battery plant  The Hill
  3. Company with Vermont ties secures $850M loan for battery manufacturing plant in Arizona  VTDigger
  4. KORE Power battery factory in Arizona gets $850M federal loan to build  The Arizona Republic
  5. KORE gets conditional OK for $850M U.S. loan for EV battery plant  Automotive News
  6. View Full Coverage on Google News

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