Siemens unit invests in li-ion battery maker KORE Power

By Renewable Energy World Idaho-based lithium-ion battery producer KORE Power said it closed on an initial $75 million tranche of a private placement anticipated to total $150 million.

Siemens Financial Services was the lead investor. It was joined by Quanta Services, Nidec Motor Corp., Honeywell Ventures, Trog Hawley Capital and an unnamed utility-scale energy storage provider.

KORE said it intends to use proceeds to start construction of its KOREPlex factory in the Phoenix area and to buy long lead-time items required for construction.

The factory is expected to have initial annual production capacity of 6 GWh of high-density lithium-ion cells. Production could eventually grow

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