T1 Energy to Enter BESS and Data Center Infrastructure Markets with Acquisition of KORE Power

§ 01 Executive Snapshot

• What: T1 Energy Inc. has announced its acquisition of KORE Power to enter the BESS and AI data center infrastructure markets.
• Who: T1 Energy Inc. (NYSE: TE) and KORE Power, Inc.
• Why it matters: This acquisition positions T1 Energy to expand its service offerings in the growing energy storage market, particularly focused on utility-scale battery storage solutions.

§ 02 Key Developments

• T1 Energy's acquisition of KORE Power has a total enterprise value of approximately $32 million, which includes equity, cash, and debt assumption.
• The transaction is expected to close in Q2 2026, pending approval from KORE Power shareholders, who have shown support for the transaction.
• KORE's NRI division has deployed approximately 1,100 BESS projects globally and has over 50 years of experience in the energy storage market.
• T1 expects the acquisition to generate positive EBITDA in 2026 and contribute approximately $15 million to $20 million of EBITDA in 2027.
• The BESS market in the U.S. is projected to grow from an installed base of 45 GWh to 143 GWh by 2035, indicating significant market opportunities for T1 Energy.

§ 03 Strategic Context

• The acquisition aligns with T1 Energy's strategy to build a domestic supply chain for solar and batteries, enhancing its capabilities in energy storage solutions.
• KORE Power's established relationships and experience in the energy sector complement T1's existing operations, potentially leading to synergies in customer acquisition and project execution.

§ 04 Strategic Implications

• The immediate consequence of this acquisition is the expansion of T1's market presence in the energy storage sector, allowing for a broader customer base and enhanced product offerings.
• Long-term, the acquisition positions T1 to capitalize on the anticipated growth of the energy storage market, aligning with increasing demand for renewable energy solutions and AI data centers.

§ 05 Risks & Constraints

• Potential risks include the need for shareholder approval and the customary conditions that could delay or prevent the transaction's closure.
• Execution risks may arise from integrating KORE Power's operations into T1 Energy, as well as competition in the rapidly evolving energy storage market.

§ 06 Watchlist / Forward Signals

• Key milestones to watch include the anticipated closing of the transaction in Q2 2026 and the initial financial performance of KORE Power under T1 management.
• Future developments that could signal success include the achievement of projected EBITDA contributions and successful deployment of new BESS projects following the acquisition.