T1 Energy to buy KORE Power battery unit in $32 million deal

T1 Energy (NYSE:TE) has entered into a definitive agreement to acquire KORE Power for an aggregate enterprise value of approximately $32 million, securing a specialized foothold in the rapidly expanding utility-scale energy storage sector.

The transaction value will be settled through a structured combination of equity, cash, and assumed debt.

Under the terms of the agreement, the deal also includes a performance-based incentive component, with KORE Power eligible to receive up to $9.6 million in additional equity earn-outs contingent upon meeting specified post-closing milestones.

The strategic acquisition is built around KORE Power’s NRI Battery Energy Storage Systems (BESS) division.

Demand for commercial- and utility-scale battery infrastructure has accelerated as power grids increasingly require stabilization tools to manage the intermittent nature of renewable energy generation.

By absorbing the NRI BESS unit, T1 Energy intends to integrate turnkey storage engineering capabilities into its existing power infrastructure portfolio.

Management expects the transaction to be immediately accretive to earnings before interest, taxes, depreciation, and amortization (EBITDA).

Looking ahead, T1 Energy projected that the acquired division will generate between $15 million and $20 million of incremental EBITDA in fiscal year 2027.