T1 Energy Inc.

The grade, in three tenses

Headline 3.1 out of ten, 5 of 9 metrics filed and 4 estimated: past 2.7 out of ten, present 2.7 out of ten, future 4.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 0.7 out of ten. 3 warning events since 2023; the latest 2025-09-05. 7th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.1 out of ten. CrossAssetData estimate 5.1/10, confidence 20 of 100 (family median). 50th percentile among 93 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Shareholder treatment (past): 2.2 out of ten. CrossAssetData estimate 2.2/10, confidence 35 of 100 (one part). 22nd percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 1.1 out of ten. ROE -147%: lost 147¢ per shareholder dollar. Leverage 82%: owes 82¢ per asset dollar. 11th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.6 out of ten. top 44% of 97 in its family; net margin -48.7%. 56th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 1.5 out of ten. bottom 15% of 66 in its family for leadership; chief executive since 2025. 15th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 2.4 out of ten. bottom 24% of 94 in its family for room to expand. 24th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.0 out of ten. CrossAssetData estimate 5.0/10, confidence 20 of 100 (family median). 50th percentile among 93 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest annual report: Form 10-K filed 2026-03-31 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-12 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-12 (on EDGAR). Newest filing: Form SCHEDULE 13G/A, 2026-10-07. Filings on record since 2023. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-31.

The people

Daniel Barcelo has been chief executive since November 2024 and chairs the board. He has been a director since the July 2021 merger with Alussa Energy Acquisition Corp., which he founded and ran, and before founding Alussa Energy in 2019 he was an energy analyst and portfolio manager at Lehman Brothers, Bank of America and Moore Capital. Joseph Evan Calio, chief financial officer since June 2024, came from energy investment banking at BTIG after 14 years at Morgan Stanley. [1, 2, 3, 4]

The operating team is newer. Jaime Gualy, chief operating officer since August 2025, first worked for the company as a consultant from May 2024 after founding an energy advisory firm; Andrew Munro, chief legal and compliance officer since May 2025, spent eight years as general counsel of Qcells North America; and Andreas Bentzen, chief technology officer since November 2023, co-founded the European home solar company Otovo. Einar Kilde, the chief development officer, retired effective April 22, 2026, and Mingxing Lin resigned from the board effective March 30, 2026 and now serves as a consultant. [5, 6, 7, 8, 9, 10]

Of the eight directors nominated in 2026, the proxy counts six as independent; W. Richard Anderson, a director since November 2024, is lead independent director. Todd Kantor founded Encompass Capital Advisors, which the proxy calls the company's largest stockholder. Peter Matrai joined the board of FREYR's Norwegian predecessor in June 2019 and also consults for the company. David Manners spent 20 years at the CIA, and Daniel Steingart is a professor of chemical metallurgy at Columbia University. The insider record lists 35 people, 21 of them filing in the last fifteen months, among them Trina Solar (Schweiz) AG. [11, 12, 13, 14, 15, 16, 17, 18, 19, 20]

At the end of 2025 T1 had 562 employees, substantially all full time and working in the United States. It also relied on outside help: 116 consultants and advisors, and about 618 people at its module plant hired through third-party staffing agencies. [21]

How it operates

T1 makes solar panels, photovoltaic (PV) modules, in Texas and sells them only in the US market. Its plant in Wilmer, Texas, called G1_Dallas, has seven assembly lines and a nameplate capacity of five gigawatts a year, about 4.5 of them for utility-scale modules and 0.5 for commercial, industrial and residential ones, built with PERC and TOPCon, two high-efficiency cell designs. The plant started up during 2025 and reached full production in the fourth quarter. Its buyers are mainly developers of utility-scale solar projects, the largest segment of the US market, along with commercial, industrial and residential users. [22, 23, 24, 25, 26, 27, 28]

Its business runs through Trina Solar, the China-based solar company it bought the plant from in December 2024. Trina's US arm markets and sells the modules made at G1_Dallas for commissions and supports the plant's operations for a fee of 5% of its adjusted EBITDA, meaning earnings before interest, taxes, depreciation and amortization, and the Trina Group supplies materials and components: purchases from it came to 474.0 million dollars in 2025. Module sales to the Trina Group came to 632.2 million dollars, recorded as related-party sales, and one customer took 78% of 2025 net sales, after 100% in 2024. [29, 30, 31, 32, 33, 34, 35, 36, 37]

It is building a US supply chain around the plant: polysilicon, the raw material of solar cells, from Hemlock Semiconductor, wafers from Corning and steel frames from Nextpower, with cells to come from its own planned factory. For 2026 it has bought cells for part of its production from a supplier that certified it is not a prohibited foreign entity, and it warns that several key raw materials and components are single-sourced or come from a limited number of suppliers. [38, 39, 40]

The specifics

T1 began as FREYR Battery: FREYR AS, a Norwegian company, combined with Alussa Energy Acquisition Corp. in July 2021 under a Luxembourg holding company, and a redomiciliation in 2023 made FREYR Battery, Inc. its successor; the company is now a Delaware corporation. It bought Trina Solar's US module business on December 23, 2024, renamed itself T1 Energy in February 2025, and now reports its European businesses and its Coweta County, Georgia project as discontinued operations. It is based in Austin, Texas. [17, 41, 3, 42, 43, 29, 44, 45]

Tax law shapes the business. The 45X production credit pays about 7 cents per watt for each module made in the United States and sold to a third party, and in December 2025 the company agreed to sell about 160.0 million dollars of credits generated in 2025 for 145.6 million. The One Big Beautiful Bill Act, enacted July 4, 2025, bars prohibited foreign entities from those credits, so on December 29, 2025 it restructured its ties with Trina: it paid off the Trina Solar AG note, ended Trina's right to appoint a covered officer, and now licenses its technology from Evervolt, a Singapore company that bought the patents from Trina. It says Trina's shareholding has never exceeded the 25% limit. [46, 47, 48, 49, 50, 51, 52, 53, 54]

It names First Solar, Canadian Solar, JinkoSolar and Hanwha Qcells as its largest US competitors, and notes that only First Solar and Hanwha Qcells have significant cell production in the United States. First Solar sued T1 in early 2026, claiming it infringes a patent by importing certain solar cells, and asked the International Trade Commission to bar imports of infringing products, which First Solar says include TOPCon cells; T1 contests the claims. [55, 56, 57, 58]

Other disputes: RWE Investco EPC MGMT sued a T1 subsidiary and Trina's US arm in December 2025 over a long-term offtake agreement, a contract to buy its modules, and T1 is suing RWE Aktiengesellschaft to enforce its guaranty of up to 100 million dollars. US Customs has billed about 25.4 million dollars of alleged antidumping duties on 2024 imports by an entity acquired from Trina, which T1 says would be indemnified. In November 2025 the company and one of its executives, also a director, received grand jury subpoenas from the Justice Department about that person's sales of company shares in the second half of 2023. And at the end of 2025 management found a material weakness in internal controls at its G1 entity. [59, 60, 61, 62, 63]

What drives growth, line by line

2025 was T1's first full year as a solar manufacturer: net sales, all from PV modules, rose to 755.3 million dollars from 2.9 million in 2024, and 358.6 million came in the fourth quarter. To keep the 45X credit on inventory before the new rules took effect on January 1, 2026, it sold all inventory that would not comply into a weaker than expected market at the end of 2025, at lower realizations than it expected. Gross profit was 55.6 million dollars, but the operating loss was 234.6 million and the net loss 367.8 million, after 74.5 million of commissions, royalties and selling costs paid to the Trina Group, a write-off of part of its acquired customer contracts, and interest and fair value charges. [64, 65, 66, 67, 68, 69, 70]

Net sales - related party. Sales to the Trina Group came to 586,832 thousand dollars, after deducting 45.4 million of amortization on a favorable customer contract acquired with the plant; the module sales underneath were 632.2 million dollars. Deferred revenue from offtake agreements with the Trina Group stood at 56.7 million dollars at the end of 2025. [71, 36, 72]

Net sales. Sales to customers outside the Trina Group came to 168,463 thousand dollars in 2025; there were none the year before. [71]

What comes next, in the company's own words: it believes all its inventory and sales in 2026 will comply with the new rules and expects all the cells it sources to be compliant; it expects to start producing cells in the fourth quarter of 2026 at the first 2.1 gigawatt phase of G2_Austin, its cell factory in Milam County, Texas, at an estimated capital cost of 400 to 425 million dollars, on a site planned for 5.3 gigawatts; and it expects a new warranty framework for T1-branded modules, backed by third-party insurance, to be in place in the second quarter of 2026, since Trina no longer warrants them. [73, 74, 75, 76, 77]

What the desk infers (inferred, not filed)

• The single customer that took 78% of 2025 net sales is almost certainly the Trina Group, so the China-based company that sold T1 its plant was also its main buyer. Because: One customer accounted for 78% of net sales in 2025 and 100% in 2024. [37] Related-party sales to the Trina Group were 586,832 thousand dollars of total net sales of 755,295 thousand in 2025, and 2,942 thousand, the whole of the year's sales, in 2024. [71, 36] Trina's US arm handles the marketing and sales of the modules made at G1_Dallas. [30, 32] Confidence 85 of 100. Wrong if: A filing that names the customer behind the 78% as a company outside the Trina Group.
• Through 2025 the Wilmer plant assembled its modules largely from cells bought from the Trina Group, which is why it had to sell off inventory that would fail the new foreign entity rules before 2026 and find a new cell supplier. Because: It bought 474.0 million dollars of materials and components from the Trina Group in 2025. [35] Its own cell factory is not expected to produce until the fourth quarter of 2026. [74] It sold all inventory that would not comply after December 31, 2025, into a market absorbing modules with non-compliant cells from prohibited foreign entities. [66] For 2026 it bought cells from a supplier certified as not a prohibited foreign entity, and a Trina wafer company in Vietnam is a party to its commercial agreements. [39, 78] Confidence 70 of 100. Wrong if: A filing showing that most cells used at G1_Dallas in 2025 came from suppliers outside the Trina Group.
• In 2025 the plant's gross profit came from the 45X production credit: without the credit, which is booked against cost of sales, the modules would have sold for less than they cost to make. Because: Its cost of sales is offset by the 45X credits it generates. [79] It generated about 160.0 million dollars of 45X credits in 2025. [47] Its gross profit for 2025 was 55.6 million dollars on net sales of 755.3 million. [64] Its year-end sales of non-compliant inventory realized less than it expected. [66] Confidence 70 of 100. Wrong if: A filing showing that the 45X credits offset in 2025 cost of sales were smaller than the year's gross profit.

Sources

1. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Daniel Barcelo, 56, is the Chairman of the Board and the Company’s CEO. He has served as a director of T1 Energy since the consummation of the Alussa Business Combination (as defined below) and was appointed CEO in November 2024. He is also the founder and CEO of Alussa Energy LLC, and was the founder, CEO and President of Alussa Energy Acquisition Corp.”
2. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Prior to founding Alussa Energy in 2019, he was a Director of Research and Portfolio Manager at Moore Capital Management from 2008 to 2011 and an Equity Research Analyst with Lehman Brothers from 1998 to 2004, Bank of America from 2004 to 2008”
3. T1 Energy Inc., Form 10-K filed 2026-03-31: “On July 9, 2021, FREYR Lux completed the Alussa Business Combination and FREYR Legacy and Alussa became wholly owned subsidiaries of FREYR Lux.”
4. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Joseph Evan Calio, 59, has served as Chief Financial Officer of T1 Energy since June 2024. He previously served as a Managing Director within Energy and Infrastructure Investment Banking at BTIG, LLC (“BTIG”). Prior to BTIG, he spent 14 years at Morgan Stanley, most recently as a Managing Director within Equity Research”
5. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Jaime Gualy, 56, has served as Chief Operating Officer of T1 Energy since August 2025. Prior to his appointment to his current role, he served as Executive Vice President — Corporate Development since January 2025 and prior to this as a consultant to the Company since May 2024. Prior to joining T1 Energy, Mr. Gualy was the founder and managing partner of Brittmoore Advisors, LLC, a strategic consulting firm specializing in energy.”
6. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Andrew Munro, 57, has served as Chief Legal and Chief Compliance Officer of T1 Energy since May 2025. Mr. Munro has more than 30 years of legal and management experience, having spent the last decade working in the solar energy, manufacturing, and technology industry. Prior to joining T1 Energy, Mr. Munro was employed with SOLARCYCLE and previously held senior leadership positions in several solar manufacturing and technology companies, including serving eight years as General Counsel of Qcells North America, a leading U.S. solar manufacturer.”
7. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Andreas Bentzen, 50, has served as Chief Technology Officer of T1 Energy since November 2023. He joined the company as Executive Vice President, Technology in August 2022. Prior to joining T1 Energy, Dr. Bentzen co-founded Otovo, a leading European residential solar energy and storage company”
8. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Mr. Kilde retired from the Company effective April 22, 2026.”
9. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Mr. Lin resigned from the Board effective March 30, 2026.”
10. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “the Company and Mr. Lin entered into an Amended and Restated Consultancy Agreement (the “Amended Lin Consulting Agreement”), which amended and restated the Original Lin Consulting Agreement to change his title to “Consultant””
11. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Our Board has nominated each of the following eight persons to stand for election for a term expiring at the 2027 annual meeting of stockholders”
12. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “The Board has determined that Mr. Kantor, Mr. Manners, Dr. Steingart, Ms. Strine, Mr. Hammond and Mr. Anderson are “independent directors,” as defined in the NYSE listing standards.”
13. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “W. Richard Anderson, 72, has served as a director of T1 Energy since November 2024.”
14. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “The Board has appointed Mr. Anderson as Lead Independent Director.”
15. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “the Board considered Mr. Kantor’s service as a Founder, Portfolio Manager and Managing Member of Encompass Capital Advisors, LLC, which is currently the Company’s largest stockholder.”
16. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Mr. Matrai also serves as a consultant to the Company pursuant to a consulting agreement entered into on May 14, 2021, as amended. He previously served as a director of FREYR Legacy. Mr. Matrai joined FREYR Legacy’s Board of Directors in June 2019.”
17. T1 Energy Inc., Form 10-K filed 2026-03-31: “On January 29, 2021, FREYR AS, a private limited liability company organized under the laws of Norway (“FREYR Legacy”) and Alussa Energy Acquisition Corp., a Cayman Islands exempted company (“Alussa”), among others, entered into the Business Combination Agreement to effect a merger between the companies”
18. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Prior to founding the Decapolis Group in 1999, he served for 20 years at the U.S. Central Intelligence Agency (“CIA”)”
19. T1 Energy Inc., Form DEF 14A filed 2026-05-18: “Currently, he is the Stanley-Thompson Professor of Chemical Metallurgy at Columbia University in New York”
20. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
21. T1 Energy Inc., Form 10-K filed 2026-03-31: “As of December 31, 2025, we had 562 employees, substantially all of which were full time and work in the United States. We also utilize advisors, third-party contractors and service providers to support certain functions, including construction, installation, commissioning and other operational activities at our facilities. In addition, as of December 31, 2025, we engaged a total of 116 consultants and advisors, and approximately 618 personnel were engaged at our G1_Dallas facility through third-party staffing agencies.”
22. T1 Energy Inc., Form 10-K filed 2026-03-31: “We currently manufacture and sell photovoltaic (“PV”) solar modules in Texas and are constructing our PV solar cell fab in Texas.”
23. T1 Energy Inc., Form 10-K filed 2026-03-31: “We are exclusively focusing our commercial strategy on the U.S. solar market”
24. T1 Energy Inc., Form 10-K filed 2026-03-31: “The facility has a total annual nameplate production capacity of 5 GW and features seven assembly lines that produce three different types of PV solar modules for utility, commercial and industrial (“C&I”) and residential scale applications.”
25. T1 Energy Inc., Form 10-K filed 2026-03-31: “The facility’s total annual nameplate capacity of 5 GW consists of approximately 4.5 GW of utility-scale capacity and approximately 0.5 GW of annual C&I and residential-scale module capacity.”
26. T1 Energy Inc., Form 10-K filed 2026-03-31: “We produce PV solar modules that employ highly energy efficient Passivated Emitter and Rear Contact (“PERC”) and Tunnel Oxide Passivated Contact (“TOPCon”) technologies. Our PV solar module manufacturing facility operating in Wilmer, TX (“G1_Dallas”) has a total annual nameplate production capacity of five gigawatts (“5 GW”).”
27. T1 Energy Inc., Form 10-K filed 2026-03-31: “The facility successfully started up during 2025 and achieved full production in the fourth quarter of 2025.”
28. T1 Energy Inc., Form 10-K filed 2026-03-31: “We are one of the leading solar manufacturing companies in the United States, primarily selling into the utility-scale market, the largest solar market segment in the U.S.”
29. T1 Energy Inc., Form 10-K filed 2026-03-31: “The transaction closed on December 23, 2024 (the “Trina Business Combination”). As part of the Transaction Agreement, we acquired G1_Dallas from Trina Solar US Holding and entered into a series of commercial support and technology licensing agreements with Trina Solar. Following the acquisition of G1_Dallas from Trina Solar, a global solar company based in China”
30. T1 Energy Inc., Form 10-K filed 2026-03-31: “pursuant to which TUS handles the marketing and sales of solar energy modules made by or for G1_Dallas.”
31. T1 Energy Inc., Form 10-K filed 2026-03-31: “For the marketing and sales services, TUS earns commissions based on the following”
32. T1 Energy Inc., Form 10-K filed 2026-03-31: “On December 29, 2025, the Company, G1, TCZ and Trina Solar (U.S.), Inc., a Delaware corporation (“TUS”), entered into a letter agreement”
33. T1 Energy Inc., Form 10-K filed 2026-03-31: “In return for their services, we will pay TUS an annual fee that is 5% of combined adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of G1_Dallas”
34. T1 Energy Inc., Form 10-K filed 2026-03-31: “The Company has agreements with the Trina Group to supply certain materials and components used in our solar module production, provide operational support and sales agency and aftermarket services.”
35. T1 Energy Inc., Form 10-K filed 2026-03-31: “Total purchases from Trina Group under the supply agreements were $474.0 million for the year ended December 31, 2025.”
36. T1 Energy Inc., Form 10-K filed 2026-03-31: “Module sales of $632.2 million and $2.9 million to the Trina Group are presented as net sales - related party for the years ended December 31, 2025 and 2024, respectively.”
37. T1 Energy Inc., Form 10-K filed 2026-03-31: “One customer accounted for 78% and 100% of our total net sales during the years ended December 31, 2025 and 2024, respectively.”
38. T1 Energy Inc., Form 10-K filed 2026-03-31: “Our efforts to build a domestic supply chain, including domestic cells to be produced at our G2_Austin facility, domestic polysilicon from Hemlock Semiconductor, domestic wafers from Corning, and domestic steel frames from Nextpower are expected to further bolster our ongoing material assistance compliance efforts.”
39. T1 Energy Inc., Form 10-K filed 2026-03-31: “After conducting supply chain diligence, we have purchased solar cells for use in a portion of our solar modules to be produced in 2026 from a supplier that has provided certifications of its non-PFE (“MA Compliant”) status”
40. T1 Energy Inc., Form 10-K filed 2026-03-31: ““Several of our key raw materials and components are either single-sourced or sourced from a limited number of suppliers”
41. T1 Energy Inc., Form 10-K filed 2026-03-31: “FREYR Battery, a Luxembourg public limited liability company (“société anonyme”) (“FREYR Lux”) was formed on January 20, 2021, to complete the Alussa Business Combination and to serve as the successor entity to FREYR Legacy”
42. T1 Energy Inc., Form 10-K filed 2026-03-31: “In 2023, FREYR Lux completed a redomiciliation plan and FREYR Battery, Inc. (“FREYR”) became the successor issuer to FREYR Lux. In February 2025, we changed our corporate name from FREYR Battery, Inc. to T1 Energy Inc.”
43. T1 Energy Inc., Form 10-K filed 2026-03-31: “T1 Energy Inc., a Delaware corporation (“T1”, the “Company”, “we”, or “us”), is an energy solutions provider building an integrated U.S. supply chain for solar modules and cells.”
44. T1 Energy Inc., Form 10-K filed 2026-03-31: “We concluded that the assets of our European businesses and our business in Coweta County, Georgia met the criteria for classification as held for sale as of December 31, 2024.”
45. The record on this page: the filing record (the EDGAR submissions feed)
46. T1 Energy Inc., Form 10-K filed 2026-03-31: “Based on the current form factor of our modules, we expect to qualify for a credit of approximately 7 cents per watt for each module produced in the United States and sold to a third party.”
47. T1 Energy Inc., Form 10-K filed 2026-03-31: “In December 2025, we entered into an agreement for the sale of approximately $160.0 million of 45X Tax Credits we generated during 2025 for an aggregate purchase price of $145.6 million.”
48. T1 Energy Inc., Form 10-K filed 2026-03-31: “The OBBBA introduced new restrictions designed to prevent Foreign-Influenced Entities (“FIEs”) and/or Specified Foreign Entities (“SFEs”) (collectively, Prohibited Foreign Entities (“PFEs”)) from accessing tax credits available under the IRA.”
49. T1 Energy Inc., Form 10-K filed 2026-03-31: “following the enactment of the OBBBA on July 4, 2025”
50. T1 Energy Inc., Form 10-K filed 2026-03-31: “On December 29, 2025 we entered into a payoff letter (“Payoff Letter”) with Trina Solar (Schweiz) AG and TUS pursuant to which (i) all of our obligations under the Trina Solar AG Note were satisfied, discharged and terminated in full”
51. T1 Energy Inc., Form 10-K filed 2026-03-31: “We and Trina Solar entered into an agreement that removes Trina Solar’s previous right to appoint a covered officer.”
52. T1 Energy Inc., Form 10-K filed 2026-03-31: “Trina Solar recently sold that intellectual property to Evervolt (as hereinafter defined) and as a result we now license such intellectual property from Evervolt.”
53. T1 Energy Inc., Form 10-K filed 2026-03-31: “Evervolt Green Energy Holding Pte Ltd., a company organized under the laws of Singapore”
54. T1 Energy Inc., Form 10-K filed 2026-03-31: “Trina Solar’s equity holdings have never exceeded the 25% limit under the OBBBA.”
55. T1 Energy Inc., Form 10-K filed 2026-03-31: “Our competitors in the U.S. solar manufacturing market include established and emerging solar equipment manufacturers, the largest of which are First Solar (FSLR), Canadian Solar (CSIQ), JinkoSolar (JKS), and Hanwha Qcells. Of these, only First Solar and Hanwha Qcells have established significant solar cell production capacity in the United States.”
56. T1 Energy Inc., Form 10-K filed 2026-03-31: “First Solar, Inc. initiated patent infringement proceedings in early 2026 against numerous companies in the solar industry, including a district court proceeding against T1 Energy Inc. and T1 G1 Dallas Midco Inc., alleging that such companies are and have been willfully infringing U.S. Patent No. 9,130,074”
57. T1 Energy Inc., Form 10-K filed 2026-03-31: “In that proceeding, First Solar Inc. has requested that the International Trade Commission issue a general exclusion order prohibiting the importation of products that infringe the ’074 Patent, which First Solar, Inc. alleges includes TOPCon solar cells”
58. T1 Energy Inc., Form 10-K filed 2026-03-31: “We contest the allegations by First Solar, Inc. and will vigorously defend against them”
59. T1 Energy Inc., Form 10-K filed 2026-03-31: “RWE Investco EPC MGMT, LLC filed an action, dated December 19, 2025 and served January 7, 2026, against a subsidiary of the Company and TUS, in the Superior Court of the State of California for the County of San Francisco (the “Lawsuit”) alleging breach of contract claims relating to a long-term offtake agreement.”
60. T1 Energy Inc., Form 10-K filed 2026-03-31: “a complaint filed in March 2026 against RWE Aktiengesellschaft in the Supreme Court of the State of New York for the County of New York, seeking to enforce their unconditional guaranty of RWE Investco EPC MGMT, LLC’s payment obligations under the long-term offtake agreement for up to $100 million.”
61. T1 Energy Inc., Form 10-K filed 2026-03-31: “In March 2026, we received bills from CBP for alleged antidumping duties on goods imported in 2024 by the same entity acquired in the Trina Business Combination. It is unclear what, if any, connection these bills have with the Notices previously received. At this point, the bills received total approximately $25.4 million. The Company is engaging with CBP, through outside counsel, to correct what it believes is the erroneous application of duties, but it is not possible at this time to predict the duration, outcome, or impact of these matters, which the Company maintains would ultimately be subject to indemnification pursuant to the Trina Business Combination.”
62. T1 Energy Inc., Form 10-K filed 2026-03-31: “In November 2025, the Company and a Company executive and Board member (the “Individual”) received grand jury subpoenas from the DOJ, which request the production of documents relating to the sale of the Company’s stock in the second half of 2023 on the account of the Individual, who was a director of the Company at that time.”
63. T1 Energy Inc., Form 10-K filed 2026-03-31: “As of December 31, 2025, management identified the following material weakness related to the Company’s G1 entity”
64. The record on this page: the filed annual figures (EDGAR's company facts)
65. T1 Energy Inc., Form 10-K filed 2026-03-31: “For the three months ended December 31, 2025, we recognized total net sales of $358.6 million in the period.”
66. T1 Energy Inc., Form 10-K filed 2026-03-31: “In order to help preserve 45X on inventory prior to OBBBA effective date of January 1, 2026, we sold all inventory that would not be in compliance after December 31, 2025, into a weaker than expected market at the end of 2025. Realizations on these sales were lower than expected given the market was absorbing industry sales of modules with non-compliant PFE cells.”
67. T1 Energy Inc., Form 10-K filed 2026-03-31: “Net sales consist of sales of PV solar modules net of intangible asset amortization for customer contracts.”
68. T1 Energy Inc., Form 10-K filed 2026-03-31: “Commissions, royalty fees, and other selling costs of $74.5 million were incurred under arrangements with Trina Solar (Schweiz) AG and its affiliates (the “Trina Group”), a related party, for the year ended December 31, 2025.”
69. T1 Energy Inc., Form 10-K filed 2026-03-31: “This increase is primarily due to the write-off of a portion of the value of our acquired customer contracts from the Trina Business Combination related to a dispute regarding a long-term offtake agreement that arose during the third quarter of 2025.”
70. T1 Energy Inc., Form 10-K filed 2026-03-31: “The change is primarily due to interest expense of $37.1 million, fair value adjustment expense related to derivative liabilities of $31.2 million and warrant liabilities of $8.4 million, and a loss on debt extinguishment of $8.8 million”
71. T1 Energy Inc., Form 10-K filed 2026-03-31: “Net sales $ 168,463 $ — $ 168,463 NM Net sales - related party 586,832 2,942 583,890 NM Total net sales 755,295 2,942 752,353 NM”
72. T1 Energy Inc., Form 10-K filed 2026-03-31: “Net sales - related party for the year ended December 31, 2025, are reduced for amortization of $45.4 million for the intangible asset related to a favorable acquired customer contract that was recorded as part of purchase accounting for the Trina Business Combination. Deferred revenue from offtake agreements with the Trina Group was $56.7 million and $40.2 million as of December 31, 2025 and 2024, respectively.”
73. T1 Energy Inc., Form 10-K filed 2026-03-31: “We believe all of our inventory and sales in 2026 will be OBBBA-compliant, and we expect all solar cells we have sourced and intend to source will be MA Compliant.”
74. T1 Energy Inc., Form 10-K filed 2026-03-31: “We began construction of the first 2.1-gigawatt phase of G2_Austin in late 2025 with an estimated capital expenditure of $400 - $425 million and expect solar cell production in the fourth quarter of 2026.”
75. T1 Energy Inc., Form 10-K filed 2026-03-31: “On March 17, 2025, we announced the selection of a 100-acre site in Milam County, Texas for our planned 5.3 GW solar cell manufacturing fab.”
76. T1 Energy Inc., Form 10-K filed 2026-03-31: “The Company expects to establish a new warranty framework for T1-branded PV solar modules under which the Company will provide warranty directly, supported by third-party warranty insurance. The Company expects this warranty framework to be in place during the second quarter of 2026.”
77. T1 Energy Inc., Form 10-K filed 2026-03-31: “As a result of the FEOC Restructuring, the Trademark License Agreement with Trina was terminated and Trina no longer provides product warranties for PV solar modules sold by the Company unless branded with the Trina trademark.”
78. T1 Energy Inc., Form 10-K filed 2026-03-31: “On December 29, 2025, the Company, G1_Dallas, TUS, Trina Solar Energy Development PTE. Ltd., Trina Solar (Viet Nam) Wafer Company Limited and TCZ, entered into a letter agreement”
79. T1 Energy Inc., Form 10-K filed 2026-03-31: “These costs are offset by our generation of 45X Tax Credits.”

Who runs it

Barcelo, Daniel (Chief Executive Officer); Calio, Joseph Evan (Chief Financial Officer); Gualy, Jaime Eduardo (Chief Operating Officer); Munro, Andrew (Chief Legal & Policy Officer); Bentzen, Andreas (Chief Technology Officer); Kilde, Einar (Chief Development Officer); Mahrer, Thomas (Chief Accounting Officer); Lin, Mingxing (Chief Strategy Officer); Cruz, Denise (SVP, CAO and Corp. Controller); Edge, Global Llc (Title: Co-Founder and Co-Managing Partner; Exhibit List Exhibit 24.1 - Power of Attorney (for Balazs Peter Matrai); Exhibit 24.2 - Power of ); and 11 more. 21 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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