Mentioned:
T1 Energy wants to get into the data centre infrastructure business next. Which is exactly why they’re buying a battery energy storage systems company.
What’s happening:
- T1 Energy (NYSE: TE) has entered into an agreement to acquire battery energy storage systems company KORE Power for $32M USD
Why it matters:
- This is the first time ever that T1 Energy has purchased a dedicated battery energy storage systems company
Going deeper:
- KORE Power has built a portfolio of roughly 1,100 contracted battery energy storage systems projects globally and has provided solutions for large scale utility companies and industrial operators
- T1 Energy has publicly stated that in addition to the $32M USD acquisition price that KORE Power will be able to earn an additional $9.6M USD of milestone payments that would be issued in T1 Energy common stock
The intrigue:
- KORE Power also previously received a conditional funding commitment from the United States Department of Energy for an $850M USD loan to build out a battery cell factory in Arizona
