KORE Power, the Idaho-based battery cell manufacturer that announced last week it will be developing a massive manufacturing plant in Buckeye, is eligible for up to $65 million in incentives from the state of Arizona.
According to the Arizona Commerce Authority, the entity that oversees economic development incentives for the state, the company is eligible for a $2 million grant from the Arizona Competes Fund. The fund is a deal-closing fund that aims to promote the growth and diversification of industry in Arizona by attracting, expanding and retaining businesses in specific industries.
The company is also eligible for up to $63 million in qualified facility tax credit. That tax credit will be equal to either 10% of the qualifying capital investment at the facility, or $20,000 per net new job for projects less than $2 billion, whichever is lesser. When the project was announced, CEO Lindsay Gorrill said the development cost of the first phase will be about $500 million.
The development of additional phases will be dictated by the market, but company representatives said the total investment is expected to be nearly double what the first phase costs will be, to nearly $1 billion.
Once the project is operational, it is expected to create 3,000 jobs, making it Buckeye’s largest employer, according to the city of Buckeye. Gorrill said about two-thirds of the jobs at the plant will be manufacturing. The remainder will include engineers, warehousing and administrative positions.