T1 Energy to buy US BESS manufacturer Kore Power for $32M

T1 Energy is set to enter the battery energy storage system (BESS) segment with an expected acquisition of Kore Power.

Once complete, the deal would see the US module manufacturer take control of the Kore Power business, including its NRI division which is focused on designing, delivering, installing and operating utility-scale energy storage. T1 Energy described the division as the “strategic centerpiece” of the purchase and noted the NRI team has already deployed 1,100 BESS projects wide. The US module manufacturer intents to rebrand Kore Power as T1 NRI following the expected close of the transaction.

Kore Power’s BESS range includes energy storage products based on lithium iron phosphate (LFP) and nickel manganese cobalt (NMC) battery chemistries, assembled in the United States. The company once planned to manufacture a gigafactory in Arizona to manufacture lithium-ion battery cells, however the project was later shelved.

T1 Energy’s move for Kore Power sees an expanding US solar manufacturer absorb a business with decades of experience. Kore Power has a 50-year history of manufacturing and counts the US government, National Labs and a range of utilities and developers among its customers. T1 Energy has meanwhile been ramping up its annual production volume. The company produced 2.8 GW of solar modules in 2025 and forecasts up to 4.2 GW in 2026.

Dan Barcelo, chairman and CEO of T1 Energy, said the company was “excited to welcome the NRI team to T1.”

“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” Barcelo said.

The purchase enterprise value for the deal consists of approximately $32 million of equity, cash, and an assumption of debt.