KORE Power Signs Joint Development Agreement with Zero Electric Vehicles, Inc. to Accelerate Electric Vehicle Transition

September 23, 2021

Agreement between U.S.-based manufacturers includes battery cell supply and joint EV technology development

PHOENIX–(BUSINESS WIRE)–KORE Power, Inc. (KORE) and Zero Electric Vehicles, Inc. (ZEV) have signed a joint development agreement to bring together two leading U.S. clean energy innovators to design, develop and manufacture low-cost, highly configurable electric vehicle solutions that accelerate electrification of the transportation sector.

KORE is a U.S.-based manufacturer of high-energy-density lithium-ion pouch cells and module configurations for the electric vehicle and energy sector applications. ZEV is also a U.S.-based manufacturer of electric powertrain solutions for fleet customers with a commercially available low-cost, fast-turnaround configuration for light-medium duty fleet vehicles. ZEV is rapidly innovating EV thermal technologies including an advanced battery cell passive thermal management system that will deliver power conservation and optimize battery cell performance.

“This is a partnership for advancing clean transportation,” said Lindsay Gorrill, KORE CEO. “KORE and ZEV bring new levels of ingenuity to the electric vehicle space. Working together at our facilities in Arizona, we’ll make the U.S. a launchpad to deliver safe, reliable, and affordable electrification to the world with price parity.”

“ZEV provides an innovative electrification solution to quickly electrify light-medium duty fleet vehicles using our proprietary configuration to minimize cost and conversion time. This joint development with KORE will produce highly configurable battery pack solutions with optimized volumetric and gravimetric energy densities to meet the power demands from vehicle powertrains to auxiliary systems, e.g., HVAC, utility services, buckets, etc., to maximize vehicle range and cycle life,” said James L. Maury, President of ZEV. “Together, we will develop the next generation of battery management systems using technologies developed and manufactured right here in the U.S.”

Under the agreement, the KORE and ZEV teams focus on three key challenges facing electric vehicle applications–thermal management, safety, and module and pack configurability towards higher energy and power densities. The joint teams will work out of the KOREPlex in Buckeye, AZ, ZEV’s HQ and Production facility in Gilbert, AZ, and at the Battery Cell Research laboratory at Arizona State University, in Mesa, AZ.

KORE will provide ZEV with battery cells and supplies for their electrification solution through 2030.

“When we announced the KOREPlex would be built in Arizona, we noted the State’s growing clean tech sector and the world class research facilities,” Gorrill said. “This agreement brings together teams that are accelerating electrification, and we are here in the Valley of the Sun.”

KORE is the leading U.S.-based developer of battery cell technology for the electric transportation and energy storage industries. The company deploys its battery cells to their global customer base by leveraging the experience of its contract manufacturing partner. The new KOREPlex facility will add to the company’s current annual production capacity of 2 GWh to expand to a total annual capacity of 18 GWh by the end of 2023 to serve the rapidly growing battery market. KORE’s U.S. facility will create more than 3,000 new advanced manufacturing jobs in Arizona and strengthen U.S. energy security by creating a new domestic battery cell supply.

ZEV is committed to reducing greenhouse gas emissions by eliminating barriers to EV adoption by advancing technologies that reduce EV costs, improve efficiency, and increasing reliability. ZEV offers fleet electrification using customizable kits to meet customer range requirements to maximize sustainability goals.

About KORE Power, Inc.

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 its battery management system. Also, through its global partnerships, KORE designs and manufactures top-tier energy storage solutions (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.

About Zero Electric Vehicles, Inc.

Zero Electric Vehicles (ZEV) is an Arizona based Company with deep engineering roots that strives to be the worldwide leader in electrification for light and medium duty fleet vehicles. ZEV’s proprietary powertrain (batteries and drive motor) configuration and rapid conversion turnaround of existing fleet vehicles will accelerate EV adoption globally and provide customers the support infrastructure, fleet management services and knowledge they need to transform their fleet and quickly meet sustainability goals. ZEV’s primary mission is to enable EV participation across the existing automotive and mobility ecosystem and support fleets through their electrification journey while scaling through democratized partnerships and making the ‘dream’ of EV accessible to all. For more information, visit www.zeroevcorp.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.‎