KORE Power Acquires 4.22% Stake in ZEVx, an EV Retrofit Start-up Powered by KORE Battery Cells
Electrification holding grows lithium-ion battery cell manufacturer’s portfolio, builds on supply agreement announced in 1Q 2022 and joint development agreement announced in 2021.
PHOENIX–(BUSINESS WIRE)–KORE Power, Inc. (KORE), a leading U.S.-based manufacturer of lithium-ion battery cells, acquired a 4.22 percent stake in ZEVx, an innovative start-up dedicated to eliminating barriers to electric vehicle adoption with affordable EV conversion kits and a focus on fleet electrification. Earlier this year, KORE announced a supply agreement with ZEVx to provide KORE battery modules for ZEVx’s electric powertrain kits through 2030.
“KORE Power produces the battery cells that provide the backbone of electrification, and ZEVx is accelerating vehicle electrification with products that allow for rapid, affordable conversion of fleet vehicles,” said Lindsay Gorrill, CEO and Co-Founder of KORE Power. “Our joint product development and investment will help ZEVx realize the promise of these innovations at a time when moving to electric vehicles makes so much sense economically and environmentally.”
Based in Gilbert, AZ – just an hour east of KORE Power’s planned KOREPlex gigafactory – ZEVx manufactures electric powertrain solutions that allow fleet customers to convert existing light-medium duty fleet vehicles to EVs. Formerly known as Zero Electric Vehicles, Inc., the company is also partnering with KORE Power to develop new advances in vehicle battery efficiency and safety.
“We’re proud to be two American companies putting American IP to work here in Arizona to reduce greenhouse gas emissions, increase energy independence, and eliminate barriers to EV adoption,” said Carolyn Maury, the CEO of ZEVx. “With KORE Power officially on our team, we can accelerate the deployment of our products to deliver these benefits to our customers.
“When fleets are electrified, the benefits – from reduced pollution to lower maintenance and fuel costs – reverberate in communities across the nation,” she said.
The investment expands KORE Power’s presence in the e-mobility space. In March, the company launched its KORE Solutions division after acquiring Northern Reliability, a Vermont-based energy storage solution provider. Later this year, KORE Power will break ground on the KOREPlex, a 2 million-square-foot manufacturing facility, which will produce up to 12 GWh of lithium-ion battery cells annually. The KOREPlex will allow the company to produce a domestic battery supply for e-mobility manufacturers and energy storage projects starting in 2024.
ABOUT KORE Power
KORE Power, Inc., is a leading U.S.-based developer of battery cell technology for the clean energy industry, serving e-mobility, energy storage, utility, and commercial and industrial markets across the globe. KORE Power designs and manufactures its proprietary NMC and LFP cells, VDA modules and packs, and ESS modules, optimized by our proprietary battery management system. Through its global partnerships, KORE designs and manufactures top-tier energy storage systems (ESS).
KORE Power’s differentiated approach provides customers with direct access, unparalleled service, superior technology, and product availability. We care about building sustainable communities, clean energy jobs and green economic expansion. KORE Power is proud to offer a functional solution to real-world problems that fulfills growing market demand and contributes to a zero-carbon future. For more information, visit www.korepower.com.
About ZEVx
ZEVx (formerly Zero Electric Vehicles) is a leader in rapid development and distribution of electrification solutions for commercial fleets. ZEVx’s proprietary powertrain kit (batteries and drive motor) configuration and software enabled vehicle management system delivers rapid conversion turnaround of existing fleet vehicles. ZEVx’s partner network provides customers the support infrastructure, bundled with fleet management services, and EV knowledge they need to transform fleets to quickly meet sustainability goals. ZEVx’s primary mission is to enable EV participation across the existing automotive and mobility ecosystem and support fleets through their electrification journey while scaling globally using ZEVx’s partner ecosystem and open software architecture to make the ‘dream’ of EV accessible to all. For more information, visit www.zevx.com.
Cautionary Statement
Certain statements contained herein constitute forward-looking statements, including but not limited to statements about the plans, objectives, and expectations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. KORE Power, Inc. believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this news release should not be unduly relied upon. Forward-looking statements included in this news release are made as of the date of this news release and KORE Power disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Contacts
David Jakubiak
djakubiak@aileroninc.com
312-285-9622
Aleysha Newton
anewton@korepower.com
(208) 758-9392