T1 Energy Inc. (T1 Energy (TE)) said Wednesday it has agreed to acquire KORE Power Inc., a battery energy storage systems (BESS) and software solutions provider.

The deal has an enterprise value of approximately $32 million and includes equity, cash and assumed debt.

T1 Energy Expands Into Energy Storage And AI Infrastructure

The acquisition is expected to give T1 an entry into the fast-growing energy storage and AI data center infrastructure markets while expanding its customer base for solar and storage solutions.

At the center of the deal is KORE Power's NRI division, which designs, delivers, installs and operates utility-scale energy storage systems.

The business has deployed about 1,100 BESS projects globally and has served the U.S. government, national laboratories, utilities, developers and industrial customers for more than 50 years.

T1 plans to rebrand KORE Power as T1 NRI after the transaction closes.

Growth Opportunity In BESS Market

The deal comes as demand for battery storage rises alongside growing power needs from AI data centers. According to Rystad Energy, the U.S. utility-scale BESS installed base is projected to increase from 45 gigawatt-hours today to 143 gigawatt-hours by 2035.

T1 expects the acquisition to be EBITDA-positive in 2026 and contribute approximately $15 million to $20 million in EBITDA in 2027. The agreement also includes a potential equity-based earnout of up to $9.6 million tied to fiscal 2026 and 2027 performance.

The transaction is expected to close in the second quarter of 2026, subject to customary conditions, including approval by KORE Power shareholders. Holders of a majority of KORE Power shares have agreed to support the transaction.

As of March 31, 2026, T1 Energy had cash, cash equivalents, and restricted cash totaling $123.67 million.

TE Price Action: T1 Energy shares were up 1.16% at $12.18 at the time of publication on Wednesday. The stock is trading near its 52-week high of $12.25, according to market data.