KORE Power and Redetel Sign Memorandum of Understanding

Date
11/16/2019

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KORE Power 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.

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

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