KORE Power, NIDEC Announce Multi-Year Offtake Agreement, Framework for Future Collaboration
15 September 2023
KORE Power, Inc. (KORE) has entered into a multi-year supply agreement with Nidec North America to provide lithium-ion battery cells, modules, and racks for energy storage projects. In the first year of the agreement (2024), KORE will supply at least 450 MWh, with potential to provide up to 600 MWh. This supply commitment is expected to increase to 2.2 GWh in 2026.
Nidec, a global leader in energy storage and power conversion systems, was part of KORE's Series A Funding Round in the previous year, and this new agreement strengthens their partnership. The collaboration will also involve joint development of turnkey energy storage systems for utility-scale and commercial/industrial projects, utilizing KORE's DC Blocks and Nidec's Power Conversion Systems (PCS).
KORE will incorporate Nidec's next-generation PCS products into their integrated solutions. Nidec's PCS systems are known for their high power density, efficiency, and durability, making them suitable for integration into complex electricity grids.
Over the next three years, KORE has committed to supplying 450 MWh to 2.2 GWh of lithium-ion battery components, while Nidec will provide 225 MVA to 1,100 MVA of power conversion systems to meet the growing demand in the North American energy storage market.
Lindsay Gorrill, CEO and Founder of KORE Power, emphasized that this agreement strengthens the strategic partnership between KORE and Nidec, bringing together decades of experience in advancing power technologies to drive energy storage opportunities for various customers.
Dominique Llonch, President of Nidec Industrial Solutions, highlighted the collaboration's ability to address the increasing demand for energy storage projects and maximize the utilization of intermittent energy sources, thanks to Nidec's expertise in power conversion and energy storage solutions and KORE's supply of proven lithium-ion technology. This partnership aims to provide new solutions to meet this demand effectively.