KORE Power kills $1 billion Arizona EV battery factory plans

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.

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