T1 Energy Inc. has agreed to acquire KORE Power and its NRI division for approximately $32 million, targeting the BESS and AI data centre infrastructure markets. The transaction is projected to close in Q2 2026. T1 expects the deal to turn EBITDA positive in 2026, with 2027 EBITDA contributions forecast at $15 million to $20 million.
PROJECT SNAPSHOT
Acquirer: T1 Energy Inc. (NYSE: TE)
Target Company: KORE Power, Inc. (including NRI Division)
Transaction Value: $32 Million baseline enterprise value
Earn-Out Potential: Up to $9.6 Million (equity-based, tied to FY26/FY27 targets)
Target Markets: BESS & AI Data Center Infrastructure
Post-Close Rebranding: T1 NRI
NRI Track Record: ~1,100 global BESS deployments over 50+ years
Financial Projections: EBITDA positive in 2026; $15M–$20M EBITDA forecast for 2027
Expected Closing: Q2 2026 (subject to shareholder approval)
U.S.-based energy solutions provider T1 Energy Inc. has agreed to buy KORE Power, a U.S.-BESS and software provider for roughly $32 million. This deal marks T1 Energy's entry into the BESS and AI data centre infrastructure markets. The acquisition was expected to close in Q2 2026. The transaction includes KORE Power’s NRI division. This unit specializes in utility-scale energy storage engineering, deployment and operational services.
Under the definitive agreement, T1 Energy will acquire KORE Power through a combination of equity, cash and assumed debt. Following the completion of the transaction, T1 plans to rebrand KORE Power as T1 NRI. The acquisition expands T1’s portfolio beyond solar manufacturing and is intended to strengthen the company's position across integrated energy generation, storage and power infrastructure solutions.
The deal revolves around NRI, an engineering firm that specializes in utility-scale battery storage. NRI handles design, delivery, installation, and operation. This division develops its software and control systems locally within the U.S. Both companies report that the NRI team has supported about 1,100 BESS installations worldwide. For over five decades, NRI has been providing energy storage and power management tools to a wide range of clients. These customers range from U.S. government agencies and national labs to utilities and industrial firms.
From an operational perspective, the combination is expected to enable T1 to offer a more comprehensive energy infrastructure package. This includes power generation, battery storage, system engineering, installation, software controls and long-term operational support. The addition of NRI’s engineering and project execution capabilities could also strengthen T1’s participation in large-scale storage projects. These projects serve utilities, industrial facilities and data centre operators.
The growth in battery storage deployment is happening because of grid modernization and the big electricity needs of AI data centres. According to Rystad Energy, a leading global independent energy research and business intelligence consultancy quoted by T1, U.S. utility-scale battery storage capacity is set to soar from 45 GWh now to 143 GWh by 2035. The company also believes the transaction will open up more options for customers who want to combine solar and storage solutions.
T1 expects the purchase to generate positive EBITDA in 2026. The company anticipates EBITDA earnings will reach between $15 million and $20 million during 2027. The baseline enterprise value is $32 million. However, the contract also features a total potential of $9.6 million, equity-based earn-out mechanism. This mechanism depends entirely on hitting specific operational goals across fiscal years 2026 and 2027. The transaction remains subject to customary closing conditions. This includes approval from KORE Power shareholders. T1 stated that holders representing a majority of KORE Power shares have already indicated support for the acquisition. They are expected to vote in favour of the deal before closing.
The move follows T1 Energy’s strategy of building a domestic U.S. solar and battery supply chain. The company completed a major restructuring transaction in December 2024. That move positioned it among the larger solar manufacturing companies in the U.S. market. With the addition of KORE Power’s storage engineering business, T1 is expanding its presence across both solar generation and battery storage segments as demand for integrated energy infrastructure continues to grow.