COEUR D’ALENE, Idaho & NEW YORK – KORE Power, Inc., the leading U.S.-based developer of battery cell technology for the energy storage and electric transportation industries, announced that it has formed a strategic partnership with Cleanhill Partners (“Cleanhill”), a private equity firm pursuing investments in the energy transition sector that contribute to decarbonization. Cleanhill has invested in KORE Power as part of the strategic partnership.
Rakesh Wilson and Ash Upadhyaya, founders of Cleanhill, have joined KORE Power as special advisors to Founder and CEO Lindsay Gorrill. As veterans of the energy finance and investment sector, Rakesh and Ash will guide KORE’s strategy on growth and investment opportunities.
“Rakesh and Ash bring over 40 years of combined experience in ESG, power, energy and infrastructure,” said CEO Lindsay Gorrill. “We are excited to partner with them to tap into their rich experience to position KORE as the leader in the energy transition sector.”
Ash Upadhyaya is a founder and Managing Partner at Cleanhill Partners. He has over 20 years of experience in private equity and engineering, focusing on the energy value chain. Ash was a Managing Director at Centerbridge Partners and a Director at KKR. He has engineering degrees from Stanford University and the University of Mumbai and an MBA from Stanford University.
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“I’m thrilled to work with KORE Power to expand the design and manufacturing of lithium-ion battery cells in the U.S.,” said Ash. “Through my experience with energy storage, I see the critical role that batteries will play in the clean energy transition. I look forward to adding value to KORE’s expert team.”
Rakesh Wilson has over 20 years of energy finance and private equity experience and is a founder and Managing Partner at Cleanhill Partners. He previously served as a Senior Partner at Apollo Global Management and led private equity investments across the energy value chain. Rakesh was also with Morgan Stanley’s Commodities Division and Goldman Sachs’ investment banking and equity research divisions. He graduated from the University of Texas at Austin and received his MBA from INSEAD, Fontainebleau, France.
“Working with KORE Power is a natural extension of my work on battery storage projects, renewable infrastructure, distributed generation, energy trading funds and carbon offsets,” said Rakesh. “The lithium-ion cell is at the center of the clean energy future, and I look forward to accelerating the clean energy transition by working with KORE.”
Evercore served as financial advisor to KORE Power and Kirkland & Ellis LLP served as legal counsel to Cleanhill Partners.
