U.S. solar manufacturer T1 Energy Inc. has executed a definitive asset purchase agreement to acquire foundational patents and intellectual property for high-efficiency TOPCon solar cells and modules from Evervolt Green Energy Holding Pte Ltd. for a total consideration of $135 million.
The transaction transitions T1 Energy from a licensee to the sole owner of the core IP framework, terminating prior licensing agreements and permanently eliminating future royalty payment obligations as the company builds out a vertically integrated crystalline silicon solar supply chain in the United States.
Under the transaction structure, T1 Energy initially paid $2 million in cash to secure the call option rights to acquire the assets.
The remaining $133 million purchase price is structured across four distinct settlement installments through October 2026:
- First Tranche: $60 million due within three business days of the July 28 closing date, which T1 Energy intends to satisfy via the issuance of common stock.
- Second Tranche: $25 million due September 30, 2026.
- Third Tranche: $30 million due October 15, 2026.
- Fourth Tranche: $18 million due October 30, 2026.
The remaining three installments may be paid at T1 Energy’s sole election in cash, common stock, or a combination thereof.
Any equity issued under the payment agreement will be priced at a 15% discount to the five-day volume-weighted average price prior to issuance, subject to NYSE approvals and a 19.9% share cap.
According to T1 Energy Chairman and CEO Dan Barcelo, owning the proprietary cell and module technology differentiates the company’s competitive standing as an onshore manufacturer while providing immediate balance sheet accretion by eliminating recurring royalty overhead.
The acquisition builds upon T1 Energy’s broader strategic repositioning following its December 2024 restructuring, aligning its domestic module manufacturing expansion with full intellectual property control across its silicon-based supply chain.
Evervolt’s TOPCon IP acquisition marks the latest milestone in T1 Energy’s rapid execution strategy to establish multi-gigawatt, fully integrated U.S. solar manufacturing. The intellectual property will directly feed into T1 Energy’s G2 Austin facility in Texas, where the company is completing a 2.1 GW Phase 1 solar cell plant targeting initial commercial production in the fourth quarter of 2026.
Domestic cell capacity from G2 Austin will supply T1 Energy’s existing G1 Dallas module assembly plant, which produced 638 MW of solar modules in the first quarter of 2026 and achieved an annualized production run-rate of 3.4 GW.
Beyond its core solar manufacturing footprint, T1 Energy recently expanded its multi-technology platform into battery energy storage systems and data center power infrastructure through a $32 million acquisition of KORE Power.
That merger integrates KORE’s Networked Reliability Incorporated (NRI) unit, allowing T1 Energy to bundle domestic TOPCon modules with turnkey energy storage systems for utility-scale and enterprise customers.
