T1 Energy Inc (NYSE American: TE) is a solar manufacturing company that produces photovoltaic solar modules at its U.S.-based facilities. Revenue comes from selling PV solar modules to utility-scale, commercial and industrial, and residential customers, with additional economics from monetizing Section 45X Advanced Manufacturing Production Credits generated on U.S.-manufactured modules sold to third parties. In December 2025, T1 sold approximately $160.0 million of 45X Tax Credits generated during 2025 for an aggregate purchase price of $145.6 million, making tax credit transfers a material funding source. The company operates G1_Dallas, a 5 GW nameplate-capacity module assembly facility, and began construction of G2_Austin in late 2025, targeting the first 2.1 GW phase of solar cell production by late 2026. T1 sources polysilicon domestically and is building a supply chain using domestic inputs including wafers from Corning, polysilicon from Hemlock Semiconductor, and steel frames from Nextpower. Marketing and sales for covered products are conducted under a Sales Agency Agreement with a related party, TUS, subject to a $200 million annual commission cap.

Revenue model

Transactional revenue from PV solar module sales to utility-scale, C&I, and residential customers. Supplementary revenue from transferable or refundable Section 45X tax credits (approximately $0.07 per watt for U.S.-manufactured modules sold to third parties, available 2023 to 2032 with phase-down beginning 2030). Related-party sales and marketing services are provided by TUS under a commission-based Sales Agency Agreement capped at $200 million per year.

Products and services

Photovoltaic solar modules manufactured at G1_Dallas (5 GW nameplate capacity, as of the 10-K filed 2026-03-31). Solar cell manufacturing planned at G2_Austin (first 2.1 GW phase targeted for late 2026). Warranty and aftermarket support services on covered products. IP licensed from Trina Solar Co., Ltd. (TCZ) under an agreement signed December 23, 2024.

Customers and end markets

Utility-scale solar developers, commercial and industrial (C&I) buyers, and residential customers in the United States. Domestic content percentage is positioned to help customers qualify for the Section 48E Investment Tax Credit domestic content adder under the OBBBA.

Value-chain role

Downstream solar module manufacturer assembling modules at G1_Dallas from procured cells, with plans to integrate upstream into solar cell production at G2_Austin. Domestic raw material inputs include polysilicon (Hemlock Semiconductor), wafers (Corning), and steel frames (Nextpower). Operates under a licensed IP agreement from Trina Solar Co., Ltd. (TCZ). Sales and marketing for covered products are outsourced to a related-party sales agent (TUS).

Geographic exposure

United States manufacturing operations: G1_Dallas (operational) and G2_Austin (under construction as of late 2025). Subject to GDPR obligations indicating some European data processing exposure, though core manufacturing and sales are U.S.-focused.

Source: SEC 10-K, filed 2026-03-31

Industry: Semiconductors & Related Devices