T1 Energy Secures U.S. Solar Deals and Pushes $850 Million Texas Plant Forward

T1 Energy Inc. (NYSE: TE) has reported a busy second quarter, announcing a landmark supply agreement with Corning Incorporated (NYSE: GLW), a major U.S. utility sales contract, and progress on its $850 million G2_Austin solar cell facility, even as financial results showed continued losses.

Corning Supply Agreement: T1 signed a transformative deal to purchase solar wafers from Corning’s Michigan operations. The agreement strengthens compliance with Foreign Entity of Concern (FEOC) requirements under the One Big Beautiful Bill (OBBB) and bolsters U.S. solar supply chain localization. Utility Sales Contract: The company secured a 437 MW sales agreement with one of the nation’s largest utilities for 2025 deliveries. With this deal, T1 is fully booked at its Dallas facility for 2025 on the low end of its 2.6 GW production plan. G2_Austin Plant Advancing: T1 continues to develop its planned 5 GW solar cell manufacturing facility in Texas—the largest U.S. polysilicon solar investment on record, per Rystad Energy. Construction is slated for late 2025, with first-phase production targeted for Q4 2026. Financing discussions include lenders, mezzanine debt, customer deposits, and potential strategic partners.

Financial Performance

For Q2 2025, T1 reported:

Net loss attributable to shareholders: $32.8 million (–$0.21/share), compared with a $27.0 million loss a year earlier. Revenue: $132.8 million, driven by ramping sales at the G1_Dallas module plant, which has now surpassed 1 GW of cumulative production. Cash and equivalents: $46.7 million as of June 30. EBITDA guidance for 2025 remains $25–50 million, though risks lean toward the lower end amid trade policy uncertainty and supply chain constraints.

CEO Daniel Barcelo highlighted surging demand since the passage of the OBBB, citing heightened interest from utilities, commercial buyers, and AI-driven hyperscale projects.

Policy & Strategic Context

Section 45X Credits: Maintaining eligibility for the U.S. production tax credit is T1’s top 2025 priority, requiring strict FEOC compliance. CFIUS Clearance: The Committee on Foreign Investment in the U.S. ruled it had no jurisdiction over T1’s proposed transaction with China’s Trina Solar, removing a regulatory hurdle. European Exit: T1 is accelerating the wind-down of its European assets, exploring repurposing Norway’s Giga Arctic plant as a data center or AI hub.

Outlook

T1 is positioning itself as a leading U.S. solar manufacturer at a time of escalating demand and trade reshoring momentum. Its success will hinge on financing and execution of G2_Austin, as well as navigating tariff regimes and ensuring tax credit eligibility. Despite short-term losses, the company projects $650–700 million annual EBITDA at full production from its Dallas and Austin facilities.

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