September 5, 2019

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COEUR D’ALENE

Idaho

United States

COEUR D’ALENE, Idaho, Sept. 05, 2019 -- KORE Power, a leading developer of high density, high voltage energy storage solutions, today provides an update about the manufacturing, assembly, testing and development process for its Mark 1 Energy Storage System in advance of expected production in Q1 2020.

The KORE Power team met with manufacturing partner, Do-Fluoride Chemicals (DFD), last month at DFD’s plant in Jiaozuo, China to enhance the structural design of the Mark 1 solution and review the cell technology and processes for manufacturing, assembly and quality control. The trip was a success and KORE Power anticipates that production of the cells will be at full capacity in February 2020, a full month ahead of schedule.

The findings of this site visit confirmed that KORE Power is on target to produce over 5,000 cells, or the equivalent of ten Mark 1 Energy Storage System racks, per day.  Investments in the production lines for the Mark 1 will facilitate the availability of 6GWh of capacity in 2020.  Additional capacity is being developed to further increase production availability in 2021 and beyond, as the company ratchets up production to meet future global demand.

Furthermore, the evaluation of the Mark 1 system assembly process revealed some automation and speed of production opportunities. The KORE Power team viewed the newly assembled Mark 1 cell pilot line and toured the new testing lab for the Battery Management System and cells.

Overall, KORE Power reviewed and verified over 40 tests which were performed by the DFD team on both the hardware and software for the Mark 1. All test results were consistent with the expected output by KORE Power energy storage system requirements, demonstrating not only commercial viability but that KORE Power’s development program is ahead of schedule.

“We look forward to ramping up production in Q1 2020 to ensure rapid delivery of our systems to a growing list of companies that are very excited about what we’ve developed,” said Lindsay Gorrill, CEO of KORE Power. “KORE is focused on energy storage and we continue to work on enhancements to the Mark 1 system and our own production capabilities.  We can maximize the results of those efforts by owning the entire supply chain, which is a concept that will help KORE Power overcome some of the customer service challenges that have plagued other battery manufacturers and their end users.”

ABOUT KORE Power

KORE Power is a leading developer of high density, high voltage energy storage solutions for utility, industrial and mission-critical markets. The Company designs and manufactures its industry-leading, patent pending 1500Vdc Mark 1 Energy Storage System. Designed to lower energy storage installation and operation costs while optimizing performance, the Mark 1 energy storage system includes its propriety NMC cells with added safety features, innovative modules and standard racks, all of which come fully integrated with the Mark 1 BMS. With support from our manufacturing partner Do-Fluoride Chemicals, KORE Power enhances the quality control and visibility across the entire supply chain. The Company serves the growing demand for applications such as energy storage peaker plants, solar + storage and wind + storage projects, microgrids, front-of and behind-the-meter storage, mining energy solutions, and military applications. For more information, visit www.korepower.com

Company 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 KORE Power has in relation to the timing and capacity of cell production, demand for and quality of its products and the certifications and other authorizations needed to import and sell its products in North America and other parts of the world. All statements included herein, other than statements of ‎historical fact, are forward-looking information and such information involves various risks and ‎uncertainties. KORE Lithium Technologies, Inc. (“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 media release should not be unduly relied upon. Forward-‎looking statements included in this media release are made as of the date of this media 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.‎