T1 Energy

Sources - 35

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

1. S01primarycompany filing2026-03-31
   Form 10-K for the fiscal year ended December 31, 2025
   Item 1 business: G1_Dallas and G2_Austin, the Trina Business Combination, the FEOC Restructuring, the IP licence moving to Evervolt, the Module Operational Support and Sales Agency agreements with Trina Solar (U.S.) and their commission terms, the four named competitors, 562 employees
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2. S02primarycompany filing2026-08-12
   Form 10-Q for the quarter ended June 30, 2026
   one customer at about 100% of H1 2026 sales; sales to and purchases from the Trina Group; deferred revenue from Trina offtakes; 5.4 GW contracted; debt note and conversion prices; preferred stock and Trina anti-dilution right; tariff refunds; DOJ and SEC document requests; RWE suit; First Solar patent suits and the ITC hearing date; material weakness; 45X at about 7 cents a watt; G2 capex of $510M; 294,527,066 shares at 10 August 2026
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3. S03primarycompany filing2026-08-12
   Q2 2026 results release, Exhibit 99.1 to Form 8-K
   the statements, adjusted EBITDA reconciliation with the $24.4M tariff refund, 935 MW produced, cash of $156.4M, the 2025 45X credit sale at $0.93, early-stage talks on 2026 credits, Clearway 641 MW, Evervolt IP, G2 first cells in Q1 2027
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4. S04primarycompany filing2026-08-12
   Q2 2026 earnings call presentation, Exhibit 99.2 to Form 8-K
   3 GW of firm cost-plus and fixed-margin contracts for 2026, unchanged run-rate adjusted EBITDA guidance of $375M-$450M and $650M-$700M, the Evervolt payment schedule, the Hemlock and Corning supply claims
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5. S05primarytranscript2026-08-12
   Q2 2026 earnings call transcript (FMP)

   data/cache/transcripts/TE-2026Q2.json
   the analyst questions (Roth, BTIG, Johnson Rice, Bernstein, Needham) on financing timing, Clearway terms, remaining capex, cost pass-through and SG&A; management's answers that remaining Phase 1 capex is $200M-$250M and the financing may 'prime existing debt structures'. The questions are a separate origin from the answers

   As it relates to the financing, you guys had talked about end of May and then it was end of June and then end of July. So we're sitting here still kind of mid-August.

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6. S06primarycompany filing2026-07-28
   Preliminary Q2 2026 results, Exhibit 99.1 to Form 8-K
   about 835 MW of Q2 module sales; adjusted EBITDA of -$14.5M to -$11.5M excluding the tariff refund; G2 capex raised from $425M to $510M; first cells moved from before year-end 2026 to Q1 2027
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7. S07primarycompany filing2026-07-28
   Acquisition of solar IP from Evervolt, Exhibit 99.1 to Form 8-K
   $135M total, $2M cash, $60M first tranche in stock, $25M/$30M/$18M due 30 Sep, 15 Oct and 30 Oct in cash or stock at a 15% discount to a five-day VWAP
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8. S08primarycompany filing2026-07-30
   Private placement of 4.75% Convertible Senior Notes due 2031, Exhibit 99.1 to Form 8-K
   $120M principal, conversion price about $4.46, 20% premium to $3.72, described as a bridge to the comprehensive financing
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9. S09primarycompany filing2026-09-29
   Form 8-K, Item 1.01: additional $50.0M of 4.75% Convertible Senior Notes due 2031
   a further $50.0M of the same notes sold to one existing shareholder, closing 30 September 2026, for G2 Phase 1 and general purposes
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10. S10primarycompany filing2026-03-31
    Q4 and full-year 2025 results release, Exhibit 99.1 to Form 8-K
    2.79 GW produced in 2025; G2 remaining capex of about $350M; full financial close targeted early in Q2 2026; first cells in Q4 2026; $160M 45X sale at $0.91; Treaty Oak 900 MW three-year contract; 3 GW contracted for 2026; run-rate EBITDA guidance
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11. S11primarycompany filing2026-08-28
    Prospectus supplement (424B7): resale of up to 32,258,059 conversion shares
    the maximum shares issuable on the July notes including make-whole shares
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12. S12primarygovernment data2025-07-04
    26 U.S. Code 45X, Advanced manufacturing production credit (Cornell LII) United States Congress
    4 cents a watt for cells and 7 cents for modules; 75% in 2030, 50% in 2031, 25% in 2032, nil after; no credit for a specified foreign entity or foreign-influenced entity, or a component with material assistance from a prohibited foreign entity

    7 cents, multiplied by the capacity of such module (expressed on a per direct current watt basis)

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13. S13primarygovernment data2026-08-11
    Proclamation adjusting imports of polysilicon and its derivatives, 91 FR 51975, document 2026-16400 (govinfo text) Executive Office of the President, via the Office of the Federal Register
    the minimum import prices, the 15% ad valorem duty from 4 December 2026, and the onshoring program whose tariff offsets the Secretary may rescind

    (iii) $0.22 per watt for solar cells; and (iv) $0.38 per watt for solar modules.

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14. S14primarygovernment data2026-02-20
    U.S. Energy Information Administration, Today in Energy: planned 2026 capacity additions EIA
    the size of the US utility-scale solar build, measured by the government; Texas 40% of it

    Developers plan to add 43.4 GW of new utility-scale solar capacity in 2026

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15. S15secondaryindustry data2026-09-14
    SEIA / Wood Mackenzie Solar Market Insight Q3 2026, as reported by REGlobal (SEIA's own page refuses this repository) SEIA
    Q2 2026 US utility-scale installations and module capacity near 66 GWdc

    The utility-scale segment installed 9.6 GWdc, increasing 61% year-over-year and 56% quarter-over-quarter.

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16. S16secondaryindustry data2026-06-30
    SEIA Solar & Storage Supply Chain Dashboard, Q2 2026 (retrieved by this repository for the First Solar thesis; 403 on 2026-09-29) SEIA
    US module capacity more than twenty times US cell capacity

    there is currently 69.9 gigawatts (GW) of domestic module manufacturing capacity online ... the United States currently has just 3 gigawatts of solar cell manufacturing capacity

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17. S17primarycompany release2026-06-17
    Qcells, Begins Solar Cell Manufacturing at America's First and Only Vertically Integrated Solar Factory in Cartersville, Georgia Qcells (Hanwha Solutions)
    a named rival's own account of American cells already in production

    by Q3 2026, Cartersville will make 3.3 GW each of ingots, wafers, cells, and 3.5 GW of modules a year.

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18. S18primaryregulator2026-02-12
    IRS newsroom: Treasury, IRS provide guidance on material assistance from prohibited foreign entities (Notice 2026-15) Internal Revenue Service
    that the February notice is interim and that the definition of a prohibited foreign entity is still to be proposed

    Notice 2026-15 PDF provides that Treasury and IRS intend to propose regulations with respect to the definition of a PFE and the calculation of the material assistance cost ratio

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19. S19secondaryanalyst2026-02
    Mayer Brown, IRS Issues Interim Guidance on 'Material Assistance' from a Prohibited Foreign Entity Mayer Brown
    a law firm's reading that ownership and effective control, the questions T1's restructuring answered, were left open

    The Notice largely leaves PFE/Foreign Entity of Concern (FEOC) ownership and broader effective control questions to be addressed in future guidance.

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20. S20secondaryanalyst2026-06-10
    Fuzzy Panda Research, T1 Energy (TE) - Whistleblower Series: Part 1 - The Solar Cell Invoices Fuzzy Panda Research (a short seller)
    an interested party's allegation of Trina cell purchases in Q1 2026, and its claim that Evervolt's owner has long ties to Trina

    T1 Energy made at least 26 purchases of solar cells from Trina between January 2026 and March 31, 2026, spending at least $65 million.

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21. S21secondarynews2026-05-22
    pv magazine USA, 'Buy the dip' on T1 Energy's Fuzzy Panda domestic doubt, Roth says pv magazine USA
    the broker rebuttal: Evervolt a Singapore conglomerate that bought the IP at auction, credit accounting standard practice

    It is difficult to write a report with '10 Parts' and have every part be misleading and/or false.

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22. S22secondaryvendor data2026-09-29
    Research pack, frozen beside this thesis

    content/TE/research-pack.json
    price and range, the move decomposition, FINRA short interest settled 15 September 2026, the analyst split and its drift, the insider window, the cohort
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23. S23primarycompany filing2026-05-26
    Forms 4 filed by Trina Solar (Schweiz) AG for sales on 21-22 May 2026, read by insider_fetch.py
    22,500,000 shares sold at $8.13 to $9.20, none under a Rule 10b5-1 plan
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24. S24primarycompany release2026-09-15
    First Solar release: Recalibrates TOPCon IP Enforcement Strategy Following Section 232 Action (carried in the FMP feed; Business Wire refuses this repository) First Solar
    the ITC complaint T1 was a respondent to is being withdrawn; the district-court suit against T1 continues

    its intent to voluntarily withdraw its Section 337 complaint and move to terminate the investigation currently pending before the US International Trade Commission (USITC) without prejudice to refiling at a later date. The Company will continue pursuing its existing TOPCon patent lawsuits in US District Court

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25. S25primarycompany filing2026-07-28
    Intellectual property purchase agreement between T1 Energy and Evervolt, Exhibit 10.1 to Form 8-K
    the recital that Evervolt granted Trina a royalty-free, fully paid-up, irrevocable, perpetual, worldwide and sub-licensable licence under the acquired IP; T1's assumption of existing third-party licences granted by Evervolt or Trina; the Trina patent suits against Runergy and Canadian Solar that come with the IP
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26. S26primarycompany filing2026-08-07
    Prospectus supplement (424B7): resale of 13,615,979 shares issued to Evervolt
    13,615,979 shares issued to Evervolt as the $60M first tranche, registered for resale
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27. S27secondaryindustry data2026-09-14
    SEIA / Wood Mackenzie Solar Market Insight Q3 2026, SEIA's summary as carried by REGlobal (outlook section; SEIA's own page refuses this repository) SEIA
    the industry body and its analyst's five-year outlook: US additions flat near 44 GWdc a year to 2031, a 216-240 GWdc safe-harbored pipeline through 2030, the December 2027 placed-in-service cliff and FEOC thresholds stepping up in 2027; read through ir_fetch. Same report and independence group as S15

    The safe-harbored pipeline, which will keep tax-credit eligibility, totals up to 240 GWdc, supporting installations through 2030, even after attrition. ... Permitting and interconnection bottlenecks constrain growth to around 44 GW annually, despite rising demand.

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28. S28secondarynews2026-09-21
    pv magazine USA - U.S. solar capacity nears 300 GW, enough to power 50 million homes pv magazine USA
    SEIA's September 2026 manufacturing count of US module and cell capacity, operating and under construction, as reported by the trade press; read through ir_fetch

    Operational U.S. module manufacturing capacity has reached 75.3 GW, with an additional 14.4 GW currently under construction. Domestic solar cell manufacturing infrastructure is also taking shape, with 10.6 GW of operational capacity and 19.1 GW actively being built.

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29. S29primaryindustry data2025-09-09
    Wood Mackenzie opinion - Outlook for US solar worsens under the OBBBA (Q3 2025 Solar Market Insight highlights) Wood Mackenzie
    the analyst's own post-OBBBA base and low cases for 2025-2030, and the 48E/45Y deadlines; read through ir_fetch. Co-author of the SEIA report, so not independent of S27

    From 2025-2030, our base case outlook puts total solar deployments at 246 GW dc - 4%, or 11 GW dc , lower than our pre-OBBBA outlook. ... Overall, our low case is 18% lower (44 GW dc ) than our base case over the next five years.

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30. S30primarycompany filing2026-07-30
    First Solar second-quarter 2026 results release, Exhibit 99.1 to Form 8-K First Solar
    the largest US module maker's 2026 volume and adjusted EBITDA guidance with the 45X credits it assumes, its US-made third-quarter volume and its 45.1 GW contracted backlog through 2030
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31. S31secondaryvendor data2026-10-01
    FMP key-metrics-ttm and analyst-estimates (annual) for FSLR, CSIQ and TE, fetched through scripts/api/fmp.py Financial Modeling Prep
    peers' trailing EV/EBITDA and company value over consensus EBITDA for 2027 and 2029, and T1's own consensus EBITDA by year
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32. S32primarycompany filing2026-05-18
    Definitive proxy statement (DEF 14A) for the 2026 annual meeting T1 Energy
    beneficial ownership at the 8 May 2026 record date (directors and officers 22.44%, Encompass 19.99%, Trina 17.97%, BlackRock 5.3%); executive officers and tenures; the 2025 annual incentive plan design; the summary compensation table and the January 2025 transaction-bonus RSUs
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33. S33primarycompany filing2026-10-21
    T1 Energy Form 8-K, Item 3.02, filed 21 October 2026: Evervolt consideration shares
    how the third $30M Evervolt payment is being met, in shares, and how many are deferred under the 4.99% ownership cap
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34. S34secondaryvendor data2026-10-27
    FMP end-of-day price bars for TE to the 26 October 2026 close
    the 26 October close and the nine-session fall from 3.39 on 9 October
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35. S35primaryregulator2026-10-15
    FINRA consolidated short interest for TE, settlement of 15 October 2026
    73,479,625 shares short at the 15 October settlement against 77,141,996 at 30 September, 4.21 days of average volume
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