KORE Power Acquires Northern Reliability Inc. (NRI); Announces Launch of KORE Solutions
KORE Solutions will lead the energy storage industry as America’s first fully integrated energy storage manufacturer, combining NRI’s decades of experience creating storage solutions and KORE Power’s scale and cell manufacturing capabilities
COEUR D’ALENE, Idaho & WATERBURY, Vt.–(BUSINESS WIRE)–KORE Power, Inc. has acquired Northern Reliability (NRI) and launched KORE Solutions, a full-service storage integrator that will operate as a division of the U.S.-based battery manufacturer, allowing KORE Power to become a vertically integrated energy solutions provider.
KORE Solutions combines the manufacturing capabilities of KORE Power with NRI’s nearly 50 years of experience advancing energy storage solutions to offer customers end-to-end capabilities and service. The acquisition positions the company to take advantage of the rapidly expanding energy storage solution space, as KORE Solutions brings on NRI’s robust, U.S.-made project pipeline. The company announced it will immediately add 25 positions to its Waterbury, Vermont location.
“Building upon NRI’s five decades of storage engineering and project development expertise, we’re adding KORE Power’s battery cells to create KORE Solutions – creating the market’s first all-in-one source for energy storage solutions here in the U.S.,” said Lindsay Gorrill, Founder and CEO of KORE Power. “KORE Solutions was formed to tackle global challenges, and with Northern Reliability’s engineering and problem-solving capacity, we’ll develop better products and services across the energy storage sector.”
Gorrill touted NRI’s experience successfully deploying more than 1,000 energy storage projects to some of the most inhospitable locations on the planet – from remote islands to Antarctica.
“KORE Solutions brings the full weight of NRI’s expertise and support to optimize our storage technology offerings,” he said. “Full integration of our product line allows us to provide better service, superior performance and safety.”
Jay Bellows, formerly President and CEO of NRI, now becomes President of KORE Power.
“When you partner with KORE Solutions, you partner with an integrated team that is responsible for the supply, manufacturing, deployment, software, system monitoring, operational excellence, and maintenance of complete energy storage systems,” Bellows said. “We bring the supply chain closer to home and make it easy for our customers to deliver on their energy storage targets.” Both KORE Power and Northern Reliability customers will benefit from the acquisition.
KORE Power and NRI started working together about two years ago on the Nomad Transportable Power project. Gorrill said that project showed the potential of bringing together the manufacturer and the integrator. “Our teams push each other towards innovations that will benefit the entire industry,” he said.
Gorrill said KORE Solutions will operate as a new division within the company. The existing KORE Power team will remain focused on delivering high-quality products to customers in the energy storage and electric transportation sectors.
NRI’s history began in 1974, with the creation of Northern Power Systems, one of the nation’s earliest renewable energy developers.
“We bring an almost 50-year track record of safety and success in the U.S. and around the globe,” Bellows said. “Our team has deployed over 1,000 storage projects, many of which have been operating longer than our competitors have been in business.”
KORE Power last year announced plans to build the KOREPlex, a one million square foot manufacturing facility in Buckeye, Arizona, the starting point to support up to 12 gigawatt hours (GWh) of battery cell production and ensure a reliable and independent U.S. supply chain for lithium-ion battery cells. That project is on track to break ground in the coming months.
Terms of the acquisition were not released.
ABOUT KORE Power
KORE Power, Inc., is a leading U.S.-based developer of battery cell technology for the clean energy industry, serving energy storage, e-mobility, utility, industrial and mission-critical markets across the globe. KORE Power designs and manufactures its proprietary NMC and LFP cells, VDA modules and packs, optimized by the 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 Tier 1 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 fulfill growing market demand and contribute to a zero-carbon future. For more information, visit www.korepower.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
