T1 Energy, a solar and battery manufacturing company, has entered into a definitive agreement to acquire KORE Power, a battery energy storage systems manufacturer, for approximately $32 million.

The purchase enterprise value consists of equity, cash, and the assumption of debt at the anticipated closing in the second quarter of 2026, subject to customary conditions, including approval by KORE Power shareholders.

The company said the acquisition is expected to provide an entry point into the energy storage and artificial intelligence data center infrastructure markets. T1 expects the transaction to expand its potential customer base for solar and storage solutions.

KORE Power’s NRI division is the strategic centerpiece of the acquisition, which is focused on designing, delivering, installing, and operating utility-scale energy storage solutions. T1 said the NRI team has deployed about 1,100 battery storage projects worldwide and has provided solutions to the U.S. government, national laboratories, utilities, developers, and other industrial customers.

NRI performs all software and controls development in the U.S. T1 plans to rebrand KORE Power as T1 NRI after the expected closing of the transaction.

“The combination with T1 Energy is expected to provide customers with a one-stop solution for generation, storage, system design, and ongoing operations,” said Jay Bellows, President and CEO of KORE Power. “We’re thrilled to be joining T1, which shares our commitment to building a secure, domestic energy supply chain.”

The company expects the transaction to generate positive EBITDA in 2026. The company expects the acquisition to contribute approximately $15 million to $20 million of EBITDA in 2027.

In addition to the $32 million purchase enterprise value, the transaction includes a potential $9.6 million equity-based earn-out for fiscal years 2026 and 2027.

In 2025, T1 announced the acquisition of a minority stake in Talon PV, a solar cell manufacturer. The investment was made through a Simple Agreement for Future Equity (SAFE), with both companies continuing to discuss the potential expansion of their strategic partnership.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, Corporate M&A activity in the solar sector was 47% higher YoY in the first quarter of 2026, with 28 corporate M&A transactions compared to 19 in Q1 2025.