The patents, which T1 had previously licensed from Evervolt, relate to Tunnel Oxide Passivated Contact ("TOPCon") solar cells and modules, which T1 believes is the most advanced, highly efficient commercially viable solar technology available.

Under the agreed terms of the transaction, T1 initially paid $2 million in cash to secure the right to acquire the IP and other assets. The remaining $133 million purchase price is payable in four installments: (i) $60 million due within three business days of closing on July 28, 2026 (the "First Tranche"), (ii) $25 million due September 30, 2026, (iii) $30 million due October 15, 2026, and (iv) $18 million due October 30, 2026. T1 currently intends to satisfy the First Tranche by the issuance of shares of T1 common stock. Each installment subsequent to the First Tranche is payable, at T1's sole election, in cash or shares of T1 common stock or a combination thereof. Any issuance of T1 common stock would be done at a 15% discount to a five trading day volume weighted average trading price during a window ending prior to the date of issuance.

"Owning the intellectual property rights to leading silicon-based solar technologies is an important step to differentiate T1’s competitive position as a vertically integrated crystalline silicon U.S. solar manufacturer," commented Dan Barcelo, Chairman and CEO of T1 Energy. "We also believe that this intellectual property will be accretive to T1 economically in addition to yielding significant commercial and strategic benefits."

The acquisition of the IP provides an important economic benefit to T1, as it eliminates future royalty payments now that T1 owns and controls the IP it previously licensed from Evervolt. This acquisition advances T1's strategy to build America's first fully integrated domestic silicon-based solar supply chain.