KORE-NRI Form Strategic Relationship
Source: KORE Power March 31, 2020 09:00 ET
KORE Power, Inc. and Northern Reliability, Inc. enter into a Memorandum of Understanding to form a Strategic Alliance
COEUR D'ALENE, Idaho, March 31, 2020 (GLOBE NEWSWIRE) -- KORE Power, a leading developer of high density, high voltage energy storage systems, today announced that it has entered into a Memorandum of Understanding ("MOU") with Northern Reliability, Inc. ("NRI"), a U.S.-based energy storage system integrator and manufacturer of control systems and software. The MOU provides for the formation of a strategic alliance between KORE Power and NRI for energy storage projects, allowing the companies to combine their expertise and efforts to increase business and sales opportunities utilizing NRI’s energy storage system engineering, procurement, and construction services, and KORE Power's Mark 1™ Battery Energy Storage System.
NRI, the oldest EPC energy storage integration team in the U.S., provides off-the-shelf customizable power and energy storage solutions for a variety of applications. Additionally, NRI’s products are operational under all conditions around the world using cleaner power derived from solar, wind and conventional fuel sources.
KORE Power's Mark 1™ Battery Energy Storage System is scaleable to meet any energy demand and are designed to operate in both off-grid and grid-tied environments.
NRI recently announced its development of commercial and utility-scale energy storage solutions ranging from 0.5 MWh upwards to 400 MWh. These recent advances enable NRI to work with its utility customers on the development of an operating model that takes advantage of potential revenue streams to assist in offsetting operating costs. This strategic alliance allows Northern Reliability to offer the Mark 1™ Battery Energy Storage System to its customers as part of its energy storage solution.
“KORE Power brings to the table a critical element which NRI has been searching for in its stable of high-quality components, a domestically produced lithium energy storage system of the highest quality. Not only can the NRI-KORE alliance help to solve some of the supply-side security concerns of the U.S. governmental entities and US utilities, but it finally offers a cost effective solution which can provide comparable performance to other foreign made suppliers with reduced freight costs and product leadtimes.” remarked Jay Bellows, President & CEO of NRI.
"Working with NRI is a commanding move towards increased integration of KORE Power’s battery products across North America. We are excited to work with the NRI team in a market where energy storage solutions are in high demand," said Lindsay Gorrill, CEO of KORE power. "Together, our companies will promote and sell a joint solution that is ideal for the North American market as it shifts to accommodate cleaner, more sustainable energy practices across a variety of applications."
To learn more about KORE Power, please visit www.korepower.com
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 1TM Energy Storage System. Developed to lower installation and operation costs with higher efficiency, the Mark 1TM includes proprietary NMC cells and modules, with innovative safety features, managed and optimized by the Mark 1TM 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. For more information, visit www.korepower.com Company Contact:
ABOUT Northern Reliability, Inc.: Northern Reliability, Inc. (“NRI”) is a US-based power systems integrator and engineering firm based in Waterbury, Vermont whose team has been working in the energy storage field for nearly fifty years. Initially formed as the energy storage and solar division of Northern Power Systems in the early 1970’s, the NRI engineers broke off to become a separate organization in 2007. Having designed and deployed over 1000 off-grid and microgrid power systems around the planet, the NRI team recently made news in T&D World Magazine 2017, 2018, and 2019 when it was awarded a unique $1.3M Grid-Tied Distributed Energy System Project for Xcel Energy in Denver, CO, the largest grid-tied solar + storage project in the Southern US for Today’s Power, Inc. in Fayetteville, Arkansas 12MW-26.1MWh, and a transportable storage contract with EPRI and the US Navy.
Company Contact: Gregg R. Noble Vice President of Sales & Development 802-496-2932 firstname.lastname@example.org
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 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 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.