Clean-energy startup Kora Power secures $330,000 incentive from Rancho Cordova

Rancho Cordova has approved up to $330,000 in incentives for a clean-energy technology company to expand its local workforce, while the company’s founder says he wants to establish a large manufacturing facility in the city.

The City Council approved the incentive Monday, Oct. 19, for Kora Power, a startup developing residential battery storage and energy management systems. The agreement would provide payments tied to the creation and retention of as many as 33 new jobs paying at least $100,000 annually.

Kora already operates its headquarters and research facility in approximately 18,000 square feet of leased office and warehouse space at 11151 Trade Center Drive. Founder and CEO Greg Connolly told council members that the company opened its local research and development office earlier this year and has 12 engineers working there.

Connolly said Kora considered locations throughout the Sacramento region before choosing Rancho Cordova, citing the city’s support for businesses and praising its economic development work. “You guys do the most phenomenal job,” he told council members.

He also wants to establish a much larger manufacturing operation.

“We want to set up a Gigafactory,” Connolly said, comparing the idea to Peak Energy’s planned battery manufacturing facility in Sacramento County.