Overview
- T1 announced Wednesday that it has signed a definitive agreement to acquire KORE Power for an enterprise value of roughly $32 million in cash, equity and assumed debt, with the deal expected to close in Q2 2026 subject to customary conditions and KORE shareholder approval.
- The acquisition centers on KORE’s NRI installation and operations business, which the companies say has deployed about 1,100 utility-scale battery energy storage systems and works with the U.S. government, national labs and utilities.
- T1 projects the transaction will be EBITDA-accretive in 2026 and to add about $15 million to $20 million of EBITDA in 2027, and the purchase includes a potential $9.6 million equity-based earn-out tied to 2026–2027 performance.
- Investors reacted positively, with T1’s shares rising roughly 15.7% after the announcement and Northland Capital initiating coverage with an Outperform rating and a $16 price target.
- The move fits T1’s shift from cell manufacturing to integrated solar and storage services and taps a market that research firm Rystad projects will grow from about 45 GWh of U.S. utility-scale BESS today to 143 GWh by 2035, a trend that could increase demand from utilities and AI data centers.