en.Wedoany.com Reported - T1 Energy announced it will acquire battery energy storage system company KORE Power for $32 million in equity, cash, and debt assumption, with the transaction expected to close by the end of this month.

This acquisition will provide T1 with a foothold in the energy storage market. T1 Energy, the renamed entity of energy storage company FREYR, currently operates a solar panel assembly plant in the Dallas suburbs and is building a solar cell manufacturing facility near Austin, Texas.

KORE Power started in 2018 as a battery cell technology developer. The company had planned to build a multi-gigawatt-hour battery manufacturing plant in Arizona, aiming to become the first U.S.-owned lithium battery factory, but that plan was officially confirmed as abandoned last year.

During its development, KORE Power acquired energy storage installation and operations brand Northern Reliability (NRI). KORE's NRI division is the strategic core of T1's acquisition. The NRI team has deployed over 1,000 BESS projects globally and develops its software and control systems within the United States. After the acquisition closes, T1 will rename KORE Power to T1 NRI.

Dan Barcelo, Chairman and CEO of T1 Energy, said the NRI team is welcome to join T1, bringing exceptional capabilities, knowledge, and customer relationships in the energy storage and power infrastructure markets. T1 believes that NRI's track record, established customer relationships, and strategic focus on battery energy storage systems will complement T1's mission to build a domestic solar and battery supply chain, revitalizing the U.S. with scalable, reliable, and low-cost energy.

Jay Bellows, President and CEO of KORE Power, said the combination with T1 Energy is expected to provide customers with a one-stop solution for power generation, energy storage, system design, and ongoing operations. KORE is pleased to join T1, as both parties are aligned in their commitment to building a secure, domestic energy supply chain.

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