KORE Power and Redetel Sign Memorandum of Understanding for Sales Efforts in Central America
November 14, 2019
COEUR D'ALENE, Idaho, Nov. 14, 2019 -- KORE Power, a leading developer of high-density, high-voltage energy storage solutions, today announced that it has signed a memorandum of understanding (“MOU”) to enter into a strategic alliance with Redetel, S.A. and Runisol SA (“Redetel”) to promote, market and sell solutions for energy storage projects in Central America.
Through this strategic alliance, both KORE Power and Redetel will be able to enhance each other’s business opportunities. Redetel will provide energy storage asset integration services and KORE Power will provide its Mark 1™ energy storage battery system (the “Mark 1”) for industrial applications.
Redetel is an infrastructure and telecommunications technical services provider that operates in the Central American territories, specifically in Costa Rica, El Salvador, Nicaragua, Panama, and Guatemala where its offices are based. Together, KORE Power and Redetel plan to promote and sell a joint solution, consisting of Redetel’s renewable energy power plants and KORE Power’s Mark 1 energy storage solution, within the countries Redetel operates in.
“We are thrilled to partner with Redetel in markets where interest and demand for energy storage solutions, like the Mark 1, are growing rapidly,” said Lindsay Gorrill, CEO of KORE Power. “This alliance will enable us to introduce the Mark 1 to the Central American market, while also helping Redetel to expand its offerings of advanced energy storage solutions. We look forward to working with Redetel on the next steps for this alliance and are encouraged by opportunities that have already emerged, including one with Costa Rica’s main utility company whose operations may be well suited for an installation using the Mark 1.”
"Customer success is core to everything we do at Redetel and has inspired our partnership with KORE Power. When you bring together KORE Power’s industry-leading, 1500Vdc high density, high voltage advanced lithium battery energy storage system and Redetel's Innovative Integration Platforms, the possibilities to create more value for our customers in Central America are endless. We’re looking forward to delivering these new integrated solutions," said Elliot Viches, VP of Renewable Energy Division of Redetel, S.A. and CTO of Runisol SA.
The energy storage solutions that will be supplied pursuant to the alliance with Redetel will at first be provided by KORE Power’s manufacturing partner, Do Fluoride Chemicals, that produces the Mark 1 in China. Once KORE Power completes the planning and construction of the 10 GWh factory, production of the Mark 1 racks, cells, and modules can be shifted to the United States. To learn more about KORE Power, please visit www.korepower.com
ABOUT KORE Power
KORE Power is a leading developer of high-density, high-voltage energy storage solutions for utility, industrial and mission-critical markets. KORE Power designs and manufactures the industry-leading, 1500V Mark 1™ Energy Storage System. Developed to lower energy storage installation and operation costs while optimizing performance, the Mark 1™ Energy Storage System includes proprietary NMC cells with integrated safety features, innovative modules and standard 19” racks, fully equipped with the Mark 1™ BMS. With support from our manufacturing partner Do-Fluoride Chemicals, KORE Power enhances the quality control with a vertically integrated supply chain. KORE Power serves the growing demand for applications such as replacing fossil fuel peaker plants, integrating into solar + storage and wind + storage projects, microgrid optimization, behind-the-meter C&I, mining energy solutions and Military applications.
For more information, visit www.korepower.com
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REDES DE ELECTRICIDAD Y TELEFONIA REDETEL SOCIEDAD ANONIMA ("Redetel") is an international company with offices in five (5) countries of Central America (Costa Rica, Panama, Nicaragua, Guatemala and El Salvador). It has affiliated R&D company Runisol SA based in Costa Rica. Redetel is specializing in the installation, maintenance, and repair of aerial and underground coaxial and fiber optic cables, contracting and telecommunications technical services, including network engineering and wireless. streamlining utility project development by utilizing renewable energy resources.
For more information, visit www.gruporedetel.com
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 establishment of a strategic alliance with Redetel, S.A. 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.