KORE Power, Inc. (KORE) has 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.

The loan will be used to fund the construction of KORE’s advanced battery cell manufacturing facility in Buckeye, Arizona‎. The KOREPlex, a 1,330,000-square-foot facility, will house multiple production ‎lines to manufacture batteries for electric vehicles (EV) and energy storage systems in the United States. The KOREPlex will produce cells using two chemistries: nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP).