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					</table><p><a href="https://t1energy.com/" target="_blank" rel="noopener">T1 Energy</a>, a solar and battery manufacturing company, has entered into a definitive agreement to acquire <a href="https://korepower.com/" target="_blank" rel="noopener">KORE Power</a>, a battery energy storage systems manufacturer, for approximately $32 million.</p>
<p>The purchase enterprise value consists of equity, cash, and the assumption of debt at the anticipated closing in the second quarter of 2026, subject to customary conditions, including approval by KORE Power shareholders.</p>
<p>The company said the acquisition is expected to provide an entry point into the energy storage and artificial intelligence data center infrastructure markets. T1 expects the transaction to expand its potential customer base for solar and storage solutions.</p>
<p>KORE Power’s NRI division is the strategic centerpiece of the acquisition, which is focused on designing, delivering, installing, and operating utility-scale energy storage solutions. T1 said the NRI team has deployed about 1,100 battery storage projects worldwide and has provided solutions to the U.S. government, national laboratories, utilities, developers, and other industrial customers.</p>
<p>NRI performs all software and controls development in the U.S. T1 plans to rebrand KORE Power as T1 NRI after the expected closing of the transaction.</p>
<p>“The combination with T1 Energy is expected to provide customers with a one-stop solution for generation, storage, system design, and ongoing operations,” said Jay Bellows, President and CEO of KORE Power. “We’re thrilled to be joining T1, which shares our commitment to building a secure, domestic energy supply chain.”</p>
<p>The company expects the transaction to generate positive EBITDA in 2026. The company expects the acquisition to contribute approximately $15 million to $20 million of EBITDA in 2027.</p>
<p>In addition to the $32 million purchase enterprise value, the transaction includes a potential $9.6 million equity-based earn-out for fiscal years 2026 and 2027.</p>
<p>In 2025, T1 announced the <a href="https://mercomcapital.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">acquisition</a> of a minority stake in Talon PV, a solar cell manufacturer. The investment was made through a Simple Agreement for Future Equity (SAFE), with both companies continuing to discuss the potential expansion of their strategic partnership.</p>
<p>According to Mercom’s recently released Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, Corporate M&amp;A activity in the solar sector was 47% higher YoY in the first quarter of 2026, with 28 corporate M&amp;A transactions compared to 19 in Q1 2025.</p>


T1 Energy to Acquire KORE Power in $32 Million Battery Storage Deal


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					</table><p>Solar and battery solutions provider <a href="https://t1energy.com/" target="_blank" rel="noopener">T1 Energy</a> has begun construction of its G2_Austin TOPCon solar cell manufacturing facility in Milam County, Texas. The facility is expected to receive $400 million to $425 million in investment.</p>
<p>The company had <a href="https://www.mercomindia.com/t1-energy-to-set-up-5-gw-solar-cell-manufacturing-facility-in-texas" target="_blank" rel="noopener">finalized</a> its site selection for the new solar cell manufacturing facility in March 2025.</p>
<p>The solar cell facility’s first phase is projected to have an annual capacity of 2.1 GW. It is expected to begin production by the end of 2026.</p>
<p>G2 Austin is T1’s third major investment in Texas. The company will utilize proceeds from its $72 million registered direct equity offering, along with a $50 million registered direct convertible preferred offering, for the facility’s construction.</p>
<p>T1 said its investment in the over 100-acre  facility is part of its efforts to build a strong silicon-based manufacturing industry. The fabrication facility will source polysilicon and solar wafers from Hemlock Semiconductor and Corning in Michigan.</p>
<p>The cells are expected to be used for manufacturing solar modules at T1’s 5 GW G1_Dallas facility. In January and February 2025, the facility’s total solar module manufacturing exceeded 220 MW, surpassing the company’s initial plan by 48%.</p>
<p>The G1 Dallas facility has four fully operational utility-scale production lines and currently produces a mix of mono PERC and TOPCon modules.</p>
<p>The second phase of the G2 facility is expected to reach 3.2 GW. It could be expanded if demand for solar cells increases.</p>
<p>T1 said it is in advanced negotiations with multiple potential offtakers for the modules from G1 made with solar cells at G2 for deliveries starting in 2027.</p>
<p>In October this year, T1 announced a strategic framework agreement to use Nextpower’s steel module frame technology for its modules.</p>
<p>In the same month, T1 <a href="https://mercomcapital.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">announced</a> the acquisition of a minority stake in Talon PV, a solar cell manufacturer.</p>


T1 Energy Starts Constructing TOPCon Solar Cell Plant in Texas


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-base-power-raises-1-billion/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Texas-based Base Power has </strong><a href="https://mercomcapital.com/base-power-raises-1-billion-in-series-c-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions.</strong> Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.</p>
<p><strong>NineDot Energy, a community-scale battery energy storage systems developer, </strong><a href="https://mercomcapital.com/ninedot-energy-secures-175-million-corporate-debt-facility/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $175 million revolving debt facility with Deutsche Bank.</strong> The financing will support NineDot’s full development cycle, from grid interconnection deposits to equipment procurement and project construction. This new facility also enabled the company to repay its existing revolving credit facility, which had previously been used to fund interconnection deposits with NY Green Bank.</p>
<p><strong>Enurgen, a developer of software solutions for assessing solar energy yield performance, </strong><a href="https://mercomcapital.com/enurgen-raises-4-1-million-in-seed-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $4.1 million in seed funding</strong>. The round was co-led by Business Development Bank of Canada, Brightspark, and Diagram, with participation from MaRS IAF. The company’s yield modeling software leverages physics-based models across the lifecycle of solar assets, and the investment is expected to accelerate the global expansion of Enurgen’s flagship software platform.</p>
<p><strong>Glance Finance has announced an investment of ₹3.17 million (~$35,770.19) in the power transformer solutions company, Kotsons, through the <a href="https://www.mercomindia.com/glance-finance-to-acquire-62400-shares-in-kotsons-for-%E2%82%B93-17-million" target="_blank" rel="noopener">acquisition</a> of 62,400 equity shares.</strong> Each share carries a face value of ₹10 (~$0.11) and has been acquired at a price of ₹50.85 (~$0.57)/share. Following this transaction, Glance Finance’s total shareholding in KPL will increase from 719,656 shares, representing 5.14% of KPL’s equity, to 782,056 shares, equivalent to 5.59%. The acquisition is being carried out through the secondary market and is expected to be completed by October 31, 2025.</p>
<p><strong>T1 Energy, a solar and battery manufacturing company, has <a href="https://mercomcapital.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">announced</a> the acquisition of a minority stake in Talon PV, a solar cell manufacturer</strong>. The investment was made through a Simple Agreement for Future Equity (SAFE), with both companies continuing to discuss the potential expansion of their strategic partnership in the future. Both Texas-based companies aim to utilize advanced manufacturing technologies to produce TOPCon solar cells in the U.S.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-opensolar-raises-20-million-equity-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Base Power Raises $1 Billion


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					</table><p><a href="https://t1energy.com/" target="_blank" rel="noopener">T1 Energy</a>, formerly FREYR, has finalized its site selection for a new solar cell manufacturing facility in Milam County, Texas, U.S.</p>
<p>The company secured a lease and purchase option for 100 acres in the Advanced Manufacturing and Logistix Campus at Sandow Lakes.</p>
<p>The new facility, G2 Austin, is expected to have a solar cell manufacturing capacity of 5 GW. The total capital investment in the project is projected to reach up to $850 million.</p>
<p>G2 Austin is T1’s third major investment in Texas. With the addition of G2 Austin to G1 Dallas and T1’s new global corporate headquarters in Austin, the three facilities in Texas represent a combined investment of more than $1.1 billion.</p>
<p>The company has also announced that the production ramp-up at its G1 Dallas solar modules manufacturing facility is ahead of schedule. In January and February 2025, the facility’s total module manufacturing exceeded 220 MW, surpassing the company’s initial plan by 48%.</p>
<p>The G1 Dallas facility has four fully operational utility-scale production lines and currently produces a mix of mono PERC and TOPCon modules.</p>
<p>The company is on track to meet its 2025 production target of 3.4 GW.</p>
<p>Daniel Barcelo, Chairman and CEO of T1 Energy, said the company is focusing on the next phases of its plan to become an American, vertically integrated solar plus battery storage leader. “Our teams are making impressive progress with the U.S. solar module production ramp at G1 Dallas. We are moving forward swiftly with project development of our planned G2 Austin U.S. solar cell facility, and we are executing our global corporate transformation to build a cash flow powerhouse.”</p>
<p>On November 6, 2024, T1 Energy announced that it had agreed to acquire the U.S. manufacturing assets of Trina Solar for $621 million. The transaction included the acquisition of a 5 GW, 1.35 million square foot solar module manufacturing facility in Wilmer, TX, which T1 subsequently named G1 Dallas.</p>
<p>Recently, South Korea-headquartered green energy and chemical company OCI Holdings <a href="https://www.mercomindia.com/oci-holdings-to-set-up-1-gw-solar-cell-manufacturing-facility-in-us" target="_blank" rel="noopener">announced</a> plans to expand its U.S. solar value chain by building a solar cell manufacturing plant through its U.S. solar subsidiary, Mission Solar Energy.</p>
<p>According to a recent Solar Energy Industries Association report, the U.S. solar module manufacturing capacity <a href="https://www.mercomindia.com/us-module-manufacturing-hits-50gw-capacity" target="_blank" rel="noopener">surpassed</a> 50 GW. It said companies had announced plans to produce 56 GW of solar cells. The target focused on all levels of the solar supply chain, including modules, cells, ingots and wafers, polysilicon, trackers, and inverters.</p>


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