T1 Energy acquires KORE Power for battery storage expansion

T1 Energy, formerly known as FREYR Battery, has entered a definitive agreement to acquire KORE Power, Inc. for an enterprise value of approximately $32 million in equity, cash, and the assumption of debt, according to Electrek, PV Magazine, and Solar Power World. The agreement includes an additional equity-based earn-out of up to $9.6 million tied to fiscal 2026 and 2027 performance metrics (PV Magazine, CityBiz). Multiple outlets report the deal is expected to close in the second quarter of 2026, subject to customary approvals and KORE Power shareholder assent (PV Magazine, Electrek, Solar Power World, CityBiz).

The strategic anchor of the acquisition is KORE Power's NRI division (Northern Reliability), described across sources as a utility-scale system integrator that has deployed roughly 1,100 battery energy storage system (BESS) projects globally (PV Magazine, Electrek) and performs its software and controls development in the United States (Solar Power World, Electrek). T1 will rebrand the acquired unit as T1 NRI after closing, and projects the transaction will produce positive EBITDA in 2026 and contribute between $15 million and $20 million in EBITDA in 2027 (Electrek, PV Magazine).

Dan Barcelo, chairman and CEO of T1 Energy, said in the announcement: "We believe that NRI's track record, established customer relationships and strategic focus on battery energy storage systems will be complementary to T1's mission of building domestic solar and battery supply chains to invigorate America with scalable, reliable and low cost energy" (Solar Power World). KORE Power president and CEO Jay Bellows said the combination "is expected to provide customers with a one-stop solution for generation, storage, system design and ongoing operations" (Solar Power World).

the acquired capability is primarily system integration and operations for utility-scale BESS rather than cell-level battery manufacturing, according to reporting on the transaction (PV Magazine, Solar Power World). KORE's NRI business handles design, installation, operations, and software for large-scale storage deployments, which differentiates it from pure cell manufacturers. Coverage notes that NRI performs its controls and software development in the U.S., a detail relevant to customers and regulators focused on domestic infrastructure.

public coverage frames the acquisition as a move by a solar manufacturer into downstream storage and data-center power infrastructure at a moment of rising grid and hyperscale power demand. Several outlets tie the rationale to growth in U.S. utility-scale battery storage driven in part by load from AI data centers, citing Rystad Energy projections for significant BESS capacity growth through 2035 (Electrek, PV Magazine). Integrated generation-plus-storage offerings have been treated by energy-sector observers as increasingly valuable to developers, utilities, and large power consumers such as data centers.

• •Regulatory approvals and the KORE Power shareholder vote as the immediate closing conditions (PV Magazine, CityBiz).
• •T1's future filings and earnings commentary for realized EBITDA and the structure of the $9.6 million earn-out.
• •Contract announcements that would tie T1 NRI to specific AI data-center or hyperscaler customers, which coverage frames as the strategic upside but does not yet confirm.