Photo: T1 Energy
T1 Energy, formerly known as FREYR Battery, is buying battery storage and software company KORE Power in a deal aimed at growing its presence in the fast-expanding energy storage and AI data center markets.
The deal is valued at around $32 million in equity, cash, and assumed debt, and is expected to close in Q2 2026.
The highlight of T1’s acquisition is KORE Power’s NRI division, which designs, installs, and operates large-scale battery energy storage systems (BESS). T1 says KORE’s NRI team has worked on around 1,100 battery storage projects worldwide and has provided energy storage solutions to the US government, national laboratories, utilities, developers, and industrial customers for more than 50 years.
T1 said it plans to rename KORE Power as T1 NRI after the deal closes.
The acquisition gives T1 an entry into the growing battery storage market, driven by rising electricity demand and the rapid expansion of AI data centers that require massive amounts of power.
Research firm Rystad Energy projects that the US utility-scale battery storage market will grow from 45 GWh installed today to 143 GWh by 2035.
T1 also sees the deal as a way to offer combined solar and storage solutions to a broader customer base. The company owns a solar panel assembly factory near Dallas and is building a solar cell factory outside Austin.
“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,” said T1 Energy chairman and CEO Dan Barcelo.
KORE Power president and CEO Jay Bellows said the combined company is expected to offer customers “a one-stop solution for generation, storage, system design, and ongoing operations.”
T1 expects the acquisition to generate positive EBITDA in 2026 and contribute between $15 million and $20 million in EBITDA in 2027. The agreement also includes a potential equity-based earn-out worth up to $9.6 million tied to fiscal years 2026 and 2027.
The transaction still needs approval from KORE Power shareholders, although T1 said shareholders holding a majority of KORE Power shares have already agreed to support the deal.
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