T1 Energy Inc. has entered into a definitive agreement to acquire KORE Power, Inc., a provider of Battery Energy Storage Systems (BESS) and software solutions. The transaction has a total enterprise value of approximately $32 million and is expected to close in the second quarter of 2026.
Key Details
- Transaction Value: The acquisition has a purchase enterprise value of ~$32 million, consisting of equity, cash, and the assumption of debt. The definitive agreement was signed on June 2, 2026.
- Consideration: The deal includes ~$9.6 million in T1 Energy common stock at closing, with a potential performance-based earn-out of up to $9.6 million for fiscal years 2026 and 2027, also payable in stock.
- Contingent Payout: An additional $5.5 million in stock may be issued contingent on the collection of a specific KORE Power receivable. The stock issued will be unregistered and based on a 10-day volume-weighted average price.