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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Renewance to Provide Battery Recycling Services to KORE Power

December 19, 2019 GMT

COEUR D’ALENE, Idaho, Dec. 19, 2019 (GLOBE NEWSWIRE) -- KORE Power, Inc., 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 partnership with Renewance, Inc. (“Renewance”) to collaborate on the execution of battery recycling projects for KORE Power batteries which have reached their end-of-life.

Renewance has extensive knowledge of regulations related to industrial battery storage, packaging, transportation, and recycling. Renewance has also established an extensive network of logistics, field service, and recycling partners who, collectively, create a reliable and efficient means by which KORE Power will be able to transport and recycle lithium-ion batteries that have reached their end-of-life. This alliance will facilitate the proper disposal of KORE Power’s Mark 1™ battery cells at their end-of-life and will simultaneously create an opportunity for used battery materials to be reused in new batteries. In addition, Renewance will assist KORE Power in implementing strong and environmentally responsible recycling processes, thereby minimizing KORE Power’s end-of-life liabilities.

“This partnership with Renewance is a significant step towards enabling us to implement strong sustainability practices. We are determined to be an environmentally conscious company and to minimize the impact that the manufacture and use of industrial batteries can have on our environment,” said Lindsay Gorrill, CEO of KORE Power. “A significant driver of the immense demand for battery storage relates to people’s strong desire for green energy sources, such as wind and solar. We share that desire and want to feed that demand in the same spirit – by keeping the need for cleaner energy top of mind throughout the whole life cycle of industrial batteries.”

“Renewance is excited to partner with KORE Power on battery recycling projects. This alliance will enable KORE Power to deliver cost effective and environmentally friendly reuse and recycling solutions to their customers. Renewance brings a wealth of experience and expertise on industry best practices and regulatory considerations to all reverse supply chain projects. We are looking forward to working closely with KORE Power on this mutually beneficial partnership,” said Dave Mauer, VP of Sales & Services.

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 utility, industrial and mission-critical markets. KORE Power designs and manufactures the industry-leading, 1500V Mark 1™ Energy Storage System. Developed to lower installation and operation costs with higher efficiency, the Mark 1™ includes proprietary NMC cells and modules, with innovative safety features, managed and optimized by the Mark 1™ 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, mining energy solutions and the Military. For more information, visit www.korepower.com

Company Contact:Tom DeRosaVice 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 Renewance:

Renewance provides battery life cycle management software and services to some of the world’s largest energy storage companies. Users of the online platform Renewance Connect™ are provided with the most cost effective and environmentally friendly turnkey industrial battery reuse and recycling solutions. Renewance is a winner of the Department of Energy Battery Recycling Prize, focused on improving the reverse supply chain. Renewance has extensive related experience, including such projects as: executing turnkey decommissioning, repurposing & recycling of several large multi-MWh energy storage systems and leading a global battery take back program. Renewance plays a leadership role in driving the creation of reverse supply chain best practices and actively participates in programs such as the ESA Corporate Responsibility Initiative.

For more information, visit http://batterystewardship.com/

Company Contact:Dave MauerVP Sales & Services+1 312-351-5180david.mauer@renewance.net

Cautionary Statement

Certain statements contained herein constitute forward-looking statements and are subject to risks and uncertainties, including but not limited to statements about the plans, objectives and expectations KORE Power, Inc. (“KORE Power”) has about battery recycling and disposal and the benefits it may get by establishing a strategic partnership with Renewance, Inc. 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 based on the information available at the time the statements were made, 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.‎