Behind the deal: What the loss of KORE Power means for Buckeye
Here's what the loss of KORE Power, the Coeur d'Alene, Idaho-based battery cell developer, means for Buckeye.
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Four years ago, a newly formed company was deciding between three states for its lithium-ion battery manufacturing plant with 3,000 jobs. One of those was Arizona.
Called KORE Power Inc., the Coeur d’Alene, Idaho-based battery cell developer was aiming to build what it said would be the first lithium-ion battery factory owned by an American company to support electric vehicles, energy storage systems and more. If built, the project would have been eligible for up to $65 million in state incentives.
The Covid-19 pandemic spotlighted the importance of strengthening the U.S. supply chain in key industries to reduce reliance on China’s dominance in sectors such as battery manufacturing. A wave of activity sprouted as a result of the federal Inflation Reduction Act, which funded projects focused on accelerating the clean energy ecosystem.
Arizona has been steadily building its standing in green tech, so state leaders were ecstatic when KORE chose Buckeye, a budding suburb west of Phoenix, to house its $1 billion development. Local leaders touted the win to market Arizona’s growth in the industry and to establish the area surrounding KORE as the “Sustainable Valley” — an area primed to attract other companies in the battery supply chain.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
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Comments
11 Comments
Less then impressive example of cut and paste investigative journalism that apparently is the new norm at KTAR.
According to legitimate media outlets that pride themselves on actually providing information, the sites failure and impending sale are directly tied to Kore never receiving promised taxpayer finding for the projects completion.
In the summer of 2023, Kore received a conditional commitment for an $850 million loan from Biden's Department of Energy. Unfortunately those promised funds apparently have never materialized, resulting in little to no movement on the Buckeye facility.
Jan25 the site was quietly listed for immediate sale, general contractor Yates Construction has filed a lien against the Koreplex Buckeye property for nearly $10.4 million in an attempt to secure payment of outstanding debt for services rendered.
Just another of the endless examples of the damage caused by dementia Joe's failed regime.
Arizona obviously needs it's own state level Doge staff.
If the company has a billion dollars to invest why do they need 65 million in taxpayer money? Why are public dollars used to fund private businesses.
I get it, in some instances it may benefit the public but usually only benefits the gov from tax revenue, revenue the gov then uses in some self serving manner.