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.

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