June 12, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--KORE Power (Coeur d'Alene, Idaho) said Friday it has received an $850 million loan through the U.S. Department of Energy's (DOE) Advanced Technology Vehicles Manufacturing (ATVM) Loan Program to fund the construction of the company's lithium-ion battery-manufacturing plant in Arizona, marking the latest in a series of loans doled out through the program--which aims to support the Biden administration's efforts to boost domestic production of batteries and critical minerals that are key to clean-energy technologies such as electric vehicles (EVs).
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