The Mangat Group, a Glendale-based land development group, announced today the closing of a land deal with leading U.S.-based battery developer, KORE Power. The lithium-ion battery manufacturer plans to build KOREPlex, a two million-square-foot lithium-ion battery manufacturing facility, on the 214 acres located on State Route 85 and Baseline Road in Buckeye, Ariz. The sale price was $28,897,704, or $135,143.36, according to the commercial real estate tracking site Vizzda.
Tony Mangat, the founder of The Mangat Group, first purchased the property in December 2020 with the hopes of finding a buyer who would use it to support the community., Despite receiving higher offers, Mangat’s discussions with KORE Power led to confidence that the project will drive positive economic development.
“This new battery facility is for the greatest good for the community,” says Mangat. “KORE Power will provide multiple job opportunities for local residents, especially as the city continues to grow. A large employer like KORE Power allows residents to cut their commute, creating a more sustainable, affordable, and convenient lifestyle, and further advancing sustainability efforts.”
According to KORE, the company plans to have about 3,000 employees at full annual production. The project is expected to generate approximately 10,000 indirect jobs for the city of Buckeye.
”The KOREPlex project will cement Buckeye’s position as a leader in cleantech as our highly trained employees deliver the battery cells that will form the backbone of the green economy across the United States and the globe,” said Lindsay Gorrill, Founder and CEO of KORE Power.
KORE’s battery manufacturing facility is just one piece of Buckeye’s sustainability goals and industrial growth. The facility is part of a much bigger initiative known as the Sustainable Valley, an area to be used to attract other green energy companies.
“Buckeye is proud to be emerging as a leader in green energy, with KORE Power leading the way,” said Buckeye Mayor Eric Orsborn. “The opportunities for additional, clean energy companies relocating along the SR 85 Corridor, around the Buckeye Municipal Airport, and in our downtown core are endless. Buckeye provides many benefits to sustainable industries, including a strategic location with available sites, efficient and cost-effective transportation options, and high quality of life. The city would also like to thank Mr. Mangat for his time and efforts in bringing KORE Power to Buckeye. His commitment to the project ensures the Sustainable Valley becomes a reality.”
For more information about The Mangat Group, please visit www.mangatgroupinvestment.com.