The Buckeye, Arizona battery factory planned by Kore Power Inc. was abandoned, reflecting a trend of canceled green manufacturing projects across the U.S. Multiple factories, including those for wind turbine cables and electric vehicle battery components, have faced similar fates. High interest rates, soaring costs, and reduced electric vehicle demand have undermined investments. Nearly 9% of green factory investments since 2021 have been shelved. Recent changes in government policy and legislation have further weakened support for green manufacturing and subsidies vital for the sector's growth.
Kore Power Inc. abandoned its plans for a plant in Buckeye, leading to the cancellation of a promised $850 million federal loan and signaling broader issues in green manufacturing.
About 9% of the $261 billion in green factory investment announced since 2021 has been shelved, primarily due to soaring costs and high interest rates.
Energy Secretary Chris Wright indicated that the agency does not intend to proceed with significant loans for green manufacturing projects initiated during President Biden's administration.
Recent legislation signed by Trump phases out credits and subsidies, posing a substantial threat to the future growth of the green manufacturing sector.
Collection
[
|
...
]