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Kore Power and Nidec North America sign major lithium-ion battery supply agreement amid growing BESS market demand.

Kore Power, a Japanese corporation with a presence around the globe, has signed a supply agreement with Nidec North America for up to 2.2GWh of lithium-ion battery cells, racks and modules in 2024. The deal is expected to encompass a total of 2.3GWh by its completion in 2026. NideC was among investors in a 2022 Series A funding round for the battery startup and under the terms of the newest agreement Nidek will supply between 225MVA and 1,100MVA of power conversion system (PCS) equipment to Kore Power. The two companies are responding to rapidly growing interest in the US and wider North American BESS markets. The deals include tie-ups between Wartsila and EVE Energy for an undisclosed amount of products, and a 750MWh lithium carbonate price-indexed deal between geothermal company Ormat’s energy storage division and Gotion.

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