
KORE Power is bailing on its plans for a $1.2 billion lithium-ion battery gigafactory in Arizona and the company’s founder and CEO has announced his resignation.
The KOREPlex, KORE’s highly-anticipated 2-million-square-foot manufacturing campus in Buckeye, Arizona, was supposed to bring 3,000 jobs and billions of dollars in economic benefit to Maricopa County (Phoenix metro). The facility could have been integral to laying the foundations of a domestic battery storage supply chain, as it was slated to be the first lithium-ion plant in the United States wholly owned by a U.S. company. KORE attracted an $850 million federal loan to support construction, but ultimately never closed on the deal with the Department of Energy. The Idaho-based company received key approvals from the City of Buckeye’s Planning and Zoning Commission last March after breaking ground on the KOREPlex site more than two years ago.
“The company has recently undertaken a restructuring to provide more benefit to our customers and position the company for long-term success,” a KORE spokesperson explained in a statement.
KORE originally intended to open the factory making nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) cells by early 2025 with an initial 6 gigawatt-hour (GWh) annual production capacity, which would eventually expand to 12 GWh.
The factory’s greenfield project site is now up for sale. KORE will continue to manufacture American-made energy storage systems at its facility in Waterbury, Vermont, and says U.S. cell production is still a priority.
KORE Power’s founder and former chief executive officer, Lindsay Gorrill, has also announced his resignation in a LinkedIn post.
“After an incredible journey leading KORE Power, I am stepping down as CEO,” Gorrill’s post reads in part. “I’m confident it is the right time for the company to embrace its next chapter. KORE’s Executive Team has a clear vision for the future and a talented supporting team poised to achieve great things.”
Gorrill announced Jay Bellows, previously KORE’s president, would become the new CEO of the company. Bellows has been integral to increasing the annual capacity of KORE’s Waterbury campus from 60 megawatt hours (MWh) to 3,400 MWh.
“Jay is a remarkable leader whose expertise, integrity, and dedication will undoubtedly take KORE to new heights,” Gorrill said. “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.”
Gorrill says he will continue to support KORE as a member of its advisory board.