KORE Power has scrapped plans for its $1 billion lithium-ion battery factory in Buckeye, Arizona, and its CEO and founder has resigned.
Idaho-based KORE Power announced plans to sell the site in Arizona originally designated for its 2-million-square-foot KOREPlex factory.
In an emailed statement, KORE said:
The company has recently undertaken a restructuring to provide more benefit to our customers and position the company for long-term success.
Plans for the KOREPlex in Buckeye, Arizona, will not move forward at this time.
The project, which was awarded an $850 million US Department of Energy loan in June 2023, was projected to bring around 3,000 jobs to the state. It was also positioned to be the first US-owned lithium-ion battery plant in the US.
KOREPlex would have featured multiple production lines to make batteries for EVs and battery storage systems. The factory would have produced nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) battery cells.
CEO Lindsay Gorrill also announced on LinkedIn that he is stepping down, and that president Jay Bellows is taking over as the new CEO. Gorrill will remain a member of the company’s board.
It is with great excitement that I announce Jay Bellows as the new CEO of KORE. Jay is a remarkable leader whose expertise, integrity, and dedication will undoubtedly take KORE to new heights. Having worked closely with him, I am confident in his ability to build on what we’ve achieved and lead KORE into a dynamic and successful future.
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
Comments