KORE Power and Redetel Sign Memorandum of Understanding for Sales Efforts in Central America

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.

KORE Power | www.korepower.com

Redetel | www.gruporedetel.com