About KORE Power, Inc.
KORE Solutions (formerly Northern Reliability, Inc.) provides the next generation of energy storage systems for commercial, industrial and grid scale applications. Their solutions deliver grid stability and efficiency at scale; empower businesses with sustainable, reliable power; and accelerate the transition to electric transportation with dependable power.
The Flex Fund initially providing working capital in 2015 and the investment was paid off in 2022, at which time the fund exercised warrants to retain equity in both KORE Power and spin-off company, NOMAD Transportable Power Systems.
“The Flex Fund’s proven track record with big success stories like Vermont Smoke and Cure speaks volumes to the Fund’s credibility and clout here in Vermont. Our employees have over 30 years of experience developing energy storage systems—an otherwise emerging field worldwide—and that really sets Kore Solutions (formerly known as Northern Reliability) apart from the companies just starting energy storage initiatives. The Flex Fund’s investment allows us to grow our business development to further penetrate the market and insert our vast experience to provide solutions for the world’s energy storage needs.”
Investment Details
Amount
$450,000
Investment Type
Revenue Based Financing Loan with Warrants
Date of Investment
2015
Company Info
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