T1 Energy Inc. has announced a definitive agreement to acquire KORE Power, a company specializing in battery energy storage systems (BESS), engineering services, and software solutions that support large-scale industrial and data center developments. The acquisition is expected to strengthen T1 Energy’s position in the rapidly growing energy storage sector while also providing an entry into the expanding AI data center infrastructure market.
The transaction carries an enterprise value of approximately $32 million, consisting of a combination of equity, cash, and assumed debt. The deal is expected to close during the second quarter of 2026, subject to customary closing conditions and approval from KORE Power shareholders.
Shareholders representing a majority of KORE Power’s shares have already indicated their support for the transaction and are expected to vote in favor of its approval.A key aspect of the acquisition is KORE Power’s NRI division, which focuses on the design, deployment, installation, and operation of utility-scale battery energy storage systems.
NRI brings extensive industry experience to T1 Energy, having deployed approximately 1,100 battery storage projects worldwide. Over the past five decades, the division has provided energy storage and power infrastructure solutions for a broad range of customers, including U.S. government agencies, national laboratories, utilities, project developers, and industrial organizations.
The NRI business is also notable for its domestic software and controls development capabilities, with all related work carried out within the United States. Following completion of the acquisition, T1 Energy plans to rebrand KORE Power as T1 NRI, integrating the business into its broader strategy of building a domestic energy infrastructure platform.The acquisition comes at a time when demand for battery energy storage is accelerating.
Growing electricity consumption, increased renewable energy deployment, and the rapid expansion of artificial intelligence data centers are creating a need for reliable, large-scale energy storage solutions capable of supporting grid stability and ensuring continuous power availability.According to market forecasts cited by T1 Energy, the U.S. utility-scale battery energy storage market is expected to experience substantial growth over the coming decade.
Research from Rystad Energy projects that installed utility-scale battery storage capacity in the United States will increase from approximately 45 GWh today to around 143 GWh by 2035, reflecting the sector’s expanding role in the country’s energy system.T1 Energy believes the acquisition will provide access to new customers seeking integrated solar and energy storage solutions.
By combining its existing solar energy capabilities with NRI’s expertise in battery storage, engineering, and system operations, the company aims to offer more comprehensive energy infrastructure solutions to utilities, industrial customers, and large-scale data center operators.From a financial perspective, T1 expects the transaction to contribute positively to earnings relatively quickly.
The company projects that the acquisition will generate positive EBITDA during 2026 and contribute between $15 million and $20 million in EBITDA during 2027. In addition to the initial purchase price, the agreement includes a potential equity-based earn-out of up to $9.6 million tied to performance during the 2026 and 2027 fiscal years.
Dan Barcelo, Chairman and Chief Executive Officer of T1 Energy, described the acquisition as an important strategic step for the company. He highlighted NRI’s extensive expertise, customer relationships, and track record in the energy storage and power infrastructure sectors.
According to Barcelo, the addition of NRI supports T1’s broader objective of developing domestic solar and battery supply chains capable of delivering scalable, reliable, and cost-effective energy solutions throughout the United States.He also noted that energy storage is becoming increasingly important as the country works to meet rising electricity demand while maintaining grid reliability and supporting the transition toward cleaner energy sources.
Jay Bellows, President and Chief Executive Officer of KORE Power, emphasized the benefits the transaction could bring to customers. He said the combination of KORE Power’s energy storage expertise with T1 Energy’s capabilities is expected to create a more comprehensive offering that includes power generation, energy storage, system design, installation, and long-term operational support.
Bellows added that both companies share a common vision of strengthening domestic energy supply chains and expanding access to secure, reliable energy infrastructure. He expressed confidence that joining T1 Energy will create new opportunities for growth while helping customers meet increasingly complex energy requirements.
The acquisition reflects a broader trend across the energy sector, where companies are increasingly integrating renewable energy generation with battery storage technologies to deliver more reliable and flexible energy systems. As electricity demand continues to rise—particularly from energy-intensive industries such as artificial intelligence and data centers—energy storage is expected to play a critical role in balancing power supply, improving grid resilience, and supporting long-term energy security.
By bringing KORE Power and its NRI division into its portfolio, T1 Energy is positioning itself to participate in these growing markets while expanding its capabilities beyond solar energy into integrated energy infrastructure solutions that combine generation, storage, and advanced energy management technologies.
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