en.Wedoany.com Reported - T1 Energy Inc. announced it has entered into a definitive agreement to acquire KORE Power, a company specializing in battery energy storage systems, engineering services, and software solutions supporting large-scale industrial and data center development. The acquisition aims to strengthen T1 Energy's market position in the rapidly growing energy storage sector and open a pathway into the expanding infrastructure market for artificial intelligence data centers.
The transaction has an enterprise value of approximately $32 million, consisting of a combination of equity, cash, and assumed debt. The deal is expected to close in the second quarter of 2026, subject to customary closing conditions and approval from KORE Power shareholders. Majority shareholders of KORE Power have already expressed support for the transaction and are expected to vote in favor.
A key component of the acquisition is KORE Power's NRI division, which focuses on the design, deployment, installation, and operation of utility-scale battery energy storage systems. NRI brings extensive industry experience to T1 Energy, having deployed approximately 1,100 battery energy storage projects globally. Over the past five decades, the division has provided energy storage and power infrastructure solutions to a broad customer base, including U.S. government agencies, national laboratories, utilities, project developers, and industrial organizations. The NRI business is also known for its in-house software and control development capabilities, with all related work conducted within the United States. Upon completion of the acquisition, T1 Energy plans to rebrand KORE Power as T1 NRI and integrate the business into its broader strategy of building a domestic energy infrastructure platform.
The acquisition comes at a time of accelerating demand for battery energy storage. Growth in electricity consumption, increased deployment of renewable energy, and the rapid expansion of artificial intelligence data centers have created an urgent need for reliable, large-scale energy storage solutions that can support grid stability and ensure continuous power supply. Market forecasts cited by the company indicate that the U.S. utility-scale battery energy storage market is expected to experience significant growth over the next decade. Research from Rystad Energy predicts that U.S. utility-scale battery energy storage installed capacity will increase from approximately 45 gigawatt-hours today to about 143 gigawatt-hours by 2035. T1 Energy believes the acquisition will enable it to access new customer segments seeking integrated solar and energy storage solutions. By combining its existing solar capabilities with NRI's expertise in battery storage, engineering, and system operations, the company aims to offer more comprehensive energy infrastructure solutions to utilities, industrial customers, and large-scale data center operators. Financially, T1 Energy expects the transaction to contribute positively to earnings relatively quickly, with the acquisition projected to generate positive EBITDA in 2026 and contribute $15 million to $20 million in EBITDA in 2027. In addition to the initial purchase price, the agreement includes potential equity earn-out consideration of up to $9.6 million, tied to performance in fiscal years 2026 and 2027.
T1 Energy Chairman and CEO Dan Barcelo described the acquisition as a significant strategic step for the company, highlighting NRI's extensive expertise, customer relationships, and track record in the energy storage and power infrastructure sectors. He stated that the addition of NRI supports T1 Energy's broader goal of developing a domestic solar and battery supply chain capable of delivering scalable, reliable, and cost-effective energy solutions within the United States.
KORE Power President and CEO Jay Bellows emphasized the benefits of the transaction for customers, noting that the combination of KORE Power's energy storage expertise with T1 Energy's capabilities is expected to create a more comprehensive offering covering power generation, energy storage, system design, installation, and long-term operational support. He also stated that both companies share a common vision of strengthening domestic energy supply chains and expanding access to secure and reliable energy infrastructure.
The acquisition reflects a broader trend in the energy industry of combining renewable power generation with battery energy storage technology to create more reliable and flexible energy systems. As electricity demand continues to rise, particularly from energy-intensive sectors such as artificial intelligence and data centers, energy storage is expected to play a critical role in balancing power supply, enhancing grid resilience, and supporting long-term energy security.
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