Key facts
- T1 Energy agreed to acquire KORE Power for approximately $32 million.
- The acquisition includes a potential $9.6 million equity-based earn-out.
- The deal is expected to close in Q2 2026, pending shareholder approval.
- KORE Power's NRI division specializes in utility-scale battery energy storage systems.
- T1 Energy expects the acquisition to contribute $15 million to $20 million in EBITDA in 2027.
- Northland Capital initiated coverage on T1 Energy with an Outperform rating and a $16 price target.
T1 Energy Inc. (NYSE: TE) announced its intention to acquire KORE Power for approximately $32 million in equity, cash, and assumed debt, with a potential $9.6 million equity-based earn-out tied to future performance. This strategic move marks T1 Energy's entry into the Battery Energy Storage System (BESS) and data center infrastructure markets. The acquisition is expected to close in the second quarter of 2026, pending KORE Power shareholder approval, with a majority of shareholders already indicating support. The deal's primary focus is KORE's NRI division, which has designed, installed, and operated around 1,100 utility-scale BESS projects globally over more than 50 years. T1 Energy plans to rebrand KORE Power as T1 NRI post-acquisition. The company anticipates the acquisition will be EBITDA accretive in 2026 and contribute between $15 million and $20 million in EBITDA in 2027, addressing T1's current negative EBITDA of $72.9 million. T1 Energy's CEO, Dan Barcelo, highlighted the complementary nature of NRI's customer relationships and track record to T1's domestic solar and battery supply chain mission, while KORE CEO Jay Bellows stated the combination offers a "one-stop solution." The acquisition is supported by projections of significant growth in the U.S. utility-scale BESS capacity. Separately, Northland Capital initiated coverage on T1 Energy with an Outperform rating and a $16 price target, citing the company's domestic manufacturing credentials and compliance with regulations. T1 Energy is also constructing a solar cell fabrication facility in Texas. The company has faced scrutiny from short sellers regarding compliance issues, which T1 disputes. Earlier this year, T1 completed a $160 million convertible notes offering to fund its solar cell facility.