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UPDATE – KORE Power’s Mark 1™ Battery Cell Achieves Product Certifications

The Company to commence global delivery of the Mark 1™ Battery Cells

COEUR D'ALENE, Idaho, Feb. 17, 2020 (GLOBE NEWSWIRE) -- KORE Power, a leading developer of high density, high voltage energy storage solutions, today announced that its Mark 1™ battery cells have passed the following testing and factory audit requirements. KORE Power remains on course to fulfill global customer orders for Mark 1™ battery cells this quarter. 

  • UN 38.3Requirements for Transportation of Batteries Containing Lithium
  • UL 1973Batteries for Use in Stationary, Vehicle Auxiliary Power and LER Applications
  • IEC 62619Secondary Cells and Batteries Containing Alkaline or Other Non-acid Electrolytes - Safety Requirements for Secondary Lithium Cells and Batteries, for use in Industrial Applications

KORE Power will now focus its efforts on evaluating the Mark 1™ module and rack, with testing to begin early February, in order to conform to UL 1973, UL 1998, UL 991, UN 38.3, and IEC 62619. These tests are related to battery usage in stationary energy storage, the battery management software and transportation of lithium-ion batteries.

Targeting to commence in April 2020, KORE Power is in the final stage to select an accredited certification body or laboratory to complete testing of the Mark 1™ module and rack per UL 9540A; Test Method for Evaluating Thermal Runaway Fire Propagation in Battery Energy Storage Systems, which helps manufacturers prove compliance with the latest regulations for fire safety and building codes. The Company will also begin shipping modules and racks that do not require UL 9540A to regions including the U.S., Europe, India and Australia. The first shipments will be to existing customers and partners, which will enable them to begin testing the Mark 1™ cells, modules and racks for stationary energy storage applications.

KORE Power expects to ramp up Mark 1™ Energy Storage System production to participate in large installations in 2020. 

"Successful completion of this first round of product certification testing represents a major growth milestone for KORE Power. We’ve promoted the safety, efficacy and density of KORE Power’s Mark 1™ battery cell, and now we’re able to prove these benefits and fulfill orders for Mark 1™ battery cell integration into large scale energy storage systems across the globe," said Lindsay Gorrill, CEO of KORE Power. "Further, we recognize the importance of UL 9540A testing, particularly with the industry’s push and efforts to enhance safety around battery technologies. We’re pleased to be a part of the industry’s shift to supply safer battery products."

About KORE Power

Based in Coeur d’Alene, Idaho, KORE Power is a leading developer of high density, high voltage energy storage solutions for global utility, industrial and mission-critical markets.  KORE Power designs and manufactures the industry-leading, 1500V Mark 1™ Energy Storage System. Developed to lower installation and operation costs with higher efficiency, the Mark 1™ includes proprietary NMC cells and modules, with innovative safety features, managed and optimized by the Mark 1™ BMS. KORE Power serves the growing demand for applications such as replacing fossil fuel peaker plants, wind and solar plus storage projects, Microgrid optimization, behind-the-meter C&I, E-Mobility, mining energy solutions and the Military.

To learn more about KORE Power, please visit www.korepower.com.

Contact:
Tom DeRosa
Vice President of Business Development
+1 208 758 9395
tderosa@korepower.com

Media Contact:
FischTank Marketing and PR
+1 646 699 1414
KORE@fischtankpr.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 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.