LEXINGTON, Ky. (Lane Report) — An energy company that made splashy news months ago with plans to build a $300 million-plus battery cell manufacturing plant in Pikeville is abandoning the plan.
The Lane Report said Tuesday that company and state officials confirmed the reversal of fortunes.
“EnerBlu is currently working with the assistance of Citibank on a revised plan that would require a lower capital investment, without compromising the potential mid- and long-term future of the company,” said John Thomas, the company’s new chief executive officer. “This is not the end; but a change in direction that we are confident will lead to a prosperous future for EnerBlu in Kentucky.”
“We are disappointed with this setback for EnerBlu,” said Jack Mazurak, communications director with the Kentucky Cabinet for Economic Development. “At the same time, we believe this is a temporary setback for a Kentucky company. We also recognize this comes as a tremendous blow to Pikeville and Eastern Kentucky.
“While EnerBlu steps back and reworks its plans to move forward, we will stand by to offer support. Our cabinet applauds the company’s persistence, dedication to Kentucky and vision to make a positive long-term impact in the commonwealth and for a clean-energy future.”
The move comes after the project’s main investor dropped out.