KORE Power has scrapped its ambitious plan to build a $1 billion lithium-ion battery manufacturing facility in Buckeye, Arizona, and announced a leadership transition, with CEO and founder Lindsay Gorrill stepping down.
The Idaho-based energy storage company confirmed that it will no longer proceed with the development of its 2-million-square-foot KOREPlex factory, originally intended to be the first U.S.-owned lithium-ion battery plant. KORE Power has now put the Arizona site up for sale.
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“The company has recently undertaken a restructuring to provide more benefit to our customers and position the company for long-term success,” KORE Power said in an emailed statement. “Plans for the KOREPlex in Buckeye, Arizona, will not move forward at this time.”
The cancellation marks a significant shift for KORE Power, which had secured an $850 million loan from the U.S. Department of Energy in June 2023 to support the project. The facility was expected to create approximately 3,000 jobs and play a key role in U.S. battery production for both electric vehicles and energy storage systems. The factory was designed to manufacture nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) battery cells, catering to the growing demand for domestic battery supply chains.
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Alongside the plant’s cancellation, the company has also undergone a leadership shake-up. Gorrill announced his resignation as CEO via LinkedIn, stating that President Jay Bellows will step in as the company’s new chief executive. Gorrill will remain on KORE Power’s board.
“It is with great excitement that I announce Jay Bellows as the new CEO of KORE,” Gorrill wrote. “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.”
