{"id":1004667685,"date":"2023-06-14T04:44:18","date_gmt":"2023-06-14T12:44:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004667685"},"modified":"2023-08-04T01:39:44","modified_gmt":"2023-08-04T09:39:44","slug":"kore-power-nets-850m-federal-loan-for-arizona-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kore-power-nets-850m-federal-loan-for-arizona-facility\/","title":{"rendered":"KORE Power Nets $850M Federal Loan for Arizona Facility"},"content":{"rendered":"
\"\"<\/a>

A rendering of the KOREPlex project. Image courtesy of KORE Power<\/em><\/p><\/div>\n

KORE Power<\/strong> has received a conditional commitment for an $850 million loan from the U.S. Department of Energy<\/strong> supporting its construction of a battery plant in Arizona.<\/p>\n

The financing, which will be supplied by the Department of Energy\u2019s Loan Programs Office, will back the construction of the KOREPlex Advanced Battery Manufacturing Facility in Buckeye, Ariz., outside of Phoenix. The note was issued under the department\u2019s Advanced Technology Vehicles Manufacturing Loan Program.<\/p>\n

A 1.3 million-square-foot facility, KOREPlex will house multiple production lines manufacturing batteries for electric vehicles and energy storage systems. The project is expected to turn out 6 GWh of lithium-ion batteries annually. Construction on KOREPlex began last year<\/a> on 214 acres in Maricopa County. The facility, which is expected to cost $1.25 billion, is due online at the end of 2024 or in early 2025.<\/p>\n

\n

READ ALSO<\/strong>: Forging Stronger Links in the Supply Chain<\/a><\/p>\n

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Officials at Coeur d\u2019Alene, Idaho\u2013based KORE Power and Arizona’s U.S. Senators, Mark Kelly (D) and Kyrsten Sinema (I), stressed the importance of domestic battery production in prepared remarks. The Grand Canyon State has become a hub of energy storage activity in recent years. Battery recycler and manufacturer Ecobat recently announced plans<\/a> to build a facility in Casa Grande, Ariz. The Pinal County city is located roughly halfway between Phoenix and Tucson, Ariz.<\/p>\n","protected":false},"excerpt":{"rendered":"

The financing will back the construction of the company\u2019s advanced battery cell manufacturing site near Phoenix.<\/p>\n","protected":false},"author":3154,"featured_media":1004585615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742,1601,51973],"tags":[52058,52059],"class_list":["post-1004667685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-phoenix","category-southwest","tag-kore-power","tag-u-s-department-of-energy-2"],"acf":[],"yoast_head":"\nKORE Power Nets $850M Federal Loan for Arizona Facility - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"KORE Power received a conditional commitment for an $850 million loan from the U.S. Department of Energy to build a battery plant in Arizona.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kore-power-nets-850m-federal-loan-for-arizona-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KORE Power Nets $850M Federal Loan for Arizona Facility\" \/>\n<meta property=\"og:description\" content=\"KORE Power received a conditional commitment for an $850 million loan from the U.S. Department of Energy to build a battery plant in Arizona.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/kore-power-nets-850m-federal-loan-for-arizona-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-14T12:44:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-04T09:39:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/KORE-Complex.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"809\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fotios Tsarouhis\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/kore-power-nets-850m-federal-loan-for-arizona-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/kore-power-nets-850m-federal-loan-for-arizona-facility\/\",\"name\":\"KORE Power Nets $850M Federal Loan for Arizona Facility - 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