T1 Energy buys KORE Power to cash in on the AI power boom
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- T1 Energy announced a $32 million acquisition of KORE Power, comprising equity, cash and assumed debt, slated to close in Q2 2026.
- KORE Power’s NRI division has designed, installed and operated about 1,100 battery energy storage projects worldwide, serving U.S. government, national labs, utilities, developers and industrial customers for over 50 years.
- T1 Energy will rename KORE Power as T1 NRI after the deal and expects the acquisition to generate positive EBITDA in 2026 and $15‑$20 million in 2027, with a potential earn‑out of up to $9.6 million.
- Rystad Energy projects U.S. utility‑scale battery storage capacity to grow from 45 GWh today to 143 GWh by 2035, underpinning T1’s market rationale.
- KORE Power shareholders must approve the transaction, though a majority have already indicated support.
Why it matters: T1 gains a proven battery‑storage platform and customer base, positioning it for the US market’s projected rise to 143 GWh by 2035, while KORE shareholders receive cash and a $9.6 M earn‑out.
