COEUR D'ALENE, Idaho, Feb. 04, 2020 (GLOBE NEWSWIRE) -- KORE Power, a leading developer of high density, high voltage energy storage solutions, today announced that it has entered into a Memorandum of Understanding ("MOU") with UK-based Multi Source Power Technologies Ltd. (“MSP”).
The MOU forms a strategic alliance for energy storage projects between KORE Power and MSP, and is designed to increase business and sales opportunities through the integrated efforts and unique contributions of each company. The strategic alliance will focus on business opportunities served by the combined strengths of MSP’s energy storage asset integration products and services and KORE Power’s Mark 1TM Battery Energy Storage System.
MSP is an energy storage and power conversion company that designs and produces modular hybrid power systems devised for rapid deployment. The Company’s solutions are compact, flexible, scalable, ultra-low maintenance, and specially designed to work efficiently with any power input. MSP targets and has deployed its solutions in large markets where its products can enable onward growth and development, including the United Kingdom, Europe, and Africa, where stable power is scarce. MSP produces electric vehicle charging systems, hybrid generators and microgrid applications for land and marine markets and the strategic alliance allows MSP to offer KORE Power's Mark 1TM to its customers.
"We are delighted to partner with KORE Power and bring the Mark 1 ESS into our portfolio. This partnership unlocks a commercially constrained supply chain for MSP. It allows us to integrate with a more versatile energy storage module in denser, more scalable configurations, which is ideal for our target customers' requirements," said Simon Patterson, CEO of Multi Source Power Technologies Ltd. "Corporately, our objectives are ideally aligned. It's the complete strategic fit as both of our companies are focused on creating the best possible solution to facilitate the cleantech revolution on a global scale – even in regions where it's challenging."
"Partnering with MSP is a powerful next step for global distribution of KORE Power products. We are excited to kick off this alliance at a time where energy storage solutions like the Mark 1TM are in high demand - particularly in the markets supported by MSP," said Lindsay Gorrill, CEO of KORE Power. "Together, our companies will promote and sell a joint solution that we have found ideal for MSP's customers, and we look forward to working closely with MSP to deliver these new integrated systems to the regions that need them most."
ABOUT KORE Power, Inc.
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.
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
ABOUT MSP Technologies Ltd.
MSP is an energy storage and power conversion specialist. Its key strength lies in integrating high-quality components to offer condensed, low maintenance, versatile, and intelligent solutions to a wide range of sectors and applications. Founded in 2014 by Simon Patterson, the company has deployed a portfolio of solutions in the UK and internationally. MSP was recently awarded a contract to combine its FLEX-ESS technology with a leading fuel cell manufacturer to target the UK EV charging market.
MSP's products adapt to suit multiple power inputs, outputs, and configurations using KORE Power's Mark 1 battery modules and EPC Power Corp inverters, to offer grid-tied or off-grid solutions to customers with variable or multiple power sources and load types. The FLEX-ESS is modular, scalable, high-density, factory-built-and-tested, and compact, offering customers quick deployment and connection. Totally enclosed in durable GRP with closed system water cooling, the FLEX-ESS is ultra-low maintenance reducing lifetime operating costs to a minimum.
To learn more about MSP, please visit www.multisourcepower.com.
Contact:
Chris Scott
Commercial Director
+44 (0)7437 012 646
chris@multisourcepower.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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/230ae996-138b-42cd-9ba2-dc4a2ab6022f