Kore Power, a renewable energy company, has decided to shelve its plans to build a $1.25 billion battery plant in Buckeye, Arizona. The company’s 1.8 million square foot project, known as Koreplex, was slated to produce lithium-ion technology for transportation and energy storage sectors, creating thousands of jobs in Maricopa County. The decision to halt the project comes as the site where the plant was supposed to be built was recently listed for sale.
In addition to this development, Kore’s CEO, Lindsay Gorrill, announced that he is stepping down from his current role but will remain on the company’s board of directors. Jay Bellows has been hired as the new CEO to take Kore Power in a new direction.
The reasons behind the decision to halt the project remain unclear, but reports indicate that Kore never received taxpayer money for the project. Despite receiving a conditional commitment for an $850 million loan from the U.S. Department of Energy, the funds did not materialize, leading to delays in the construction of the Koreplex facility. The plant would have added to the manufacturing boom in the Phoenix area, which has seen significant growth in high-tech manufacturing facilities focused on renewable energy and microchips.
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