KORE Power Inc. has confirmed it will no longer build its proposed $1 billion battery manufacturing plant in Buckeye and has listed its 215-acre property for sale.
The announcement comes as CEO Lindsay Gorrill steps down, effective Feb. 1.
Locals in Buckeye had speculated about the project stopping for a couple of months now.
The Idaho-based company had promised to create 3,000 technology jobs and start production by late 2024 or early 2025, but progress stalled as it worked to secure financing and approvals. KORE received site plan approvals last year and an $850 million loan commitment from the U.S. Department of Energy but failed to break ground.
KORE Power said it is restructuring and exploring other domestic manufacturing opportunities. The company thanked Buckeye and Arizona leaders for their support but did not provide details on future plans. The property at State Route 85 and Baseline Road is listed as B85 Technology Park.
KORE Power put its Buckeye property up for sale on LoopNet after attempting to sell it off-market and recently informing investors that it will no longer pursue battery manufacturing operations in Arizona, according to the Phoenix Business Journal.
General contractor Yates Construction, which completed $10 million in site work last year, has filed a lien against KORE.
Gorrill, who founded the company and served as CEO for seven years, will remain on the board and assist with strategic initiatives. President Jay Bellows will take over as CEO.
