T1 Energy Inc. (NYSE:TE) ("T1," "T1 Energy," or the "Company") announced this morning it has entered into a definitive agreement to acquire KORE Power, Inc., an established engineering-focused BESS (Battery Energy Storage Systems) and software solutions provider supporting industrial hyperscaler development. The purchase enterprise value consists of approximately $32 million of equity, cash, and assumption of debt at anticipated closing in Q2 2026.

The transaction is expected to provide T1 with an entry point into the energy storage and AI data center infrastructure markets through an expanded potential customer base for solar and storage solutions. The strategic centerpiece of the acquisition is KORE's NRI division, which is focused on designing, delivering, installing and operating utility-scale energy storage solutions. The NRI team has deployed about 1,100 BESS projects worldwide and has provided solutions to the U.S. Government, National Labs, utilities, developers, and other industrial customers for over 50 years. NRI performs all its software and controls development domestically. T1 plans to rebrand KORE Power as T1 NRI following the expected close of the transaction.

The BESS market is expected to expand rapidly to serve growing power demand and AI data centers. According to Rystad Energy, the installed base of 45 GWh of utility-scale BESS in the U.S. is projected to grow to 143 GWh in 2035.

T1 expects the transaction will generate positive EBITDA1 in 2026 and contribute approximately $15 million to $20 million of EBITDA in 2027. In addition to the purchase enterprise value of $32 million, the transaction includes a total potential $9.6 million equity-based earn-out for fiscal years 2026 and 2027.

The transaction is expected to close in Q2 2026 and is subject to certain customary conditions, including approval by the KORE Power shareholders. Holders of a majority of KORE Power shares have provided undertakings to T1 confirming that they support the transaction and are expected to vote in favor of approving the transaction prior to closing.

"We're excited to welcome the NRI team to T1. They possess extraordinary capability, knowledge, and customer relationships in the energy storage and power infrastructure markets," said Dan Barcelo, Chairman and CEO of T1 Energy. "We believe that NRI's track record, established customer relationships, and strategic focus on battery energy storage systems will be complementary to T1's mission of building domestic solar and battery supply chains to invigorate America with scalable, reliable, and low cost energy."

"The combination with T1 Energy is expected to provide customers with a one-stop solution for generation, storage, system design, and ongoing operations," said Jay Bellows, President and CEO of KORE Power. "We're thrilled to be joining T1, which shares our commitment to building a secure, domestic energy supply chain."