T1 Energy (TE) 28th Annual Needham Growth Conference Virtual summary

Strategic transformation and business overview

• Executed a major pivot from battery technology to solar, becoming the largest American-owned polysilicon solar module manufacturer in the U.S. over the past 12–18 months.

• Acquired and scaled a five-gigawatt module facility in Dallas (G1) and began construction on a five-gigawatt solar cell facility in Austin (G2), aiming for an integrated domestic supply chain.

• Targeting over 70% domestic content in modules by 2027, with a fully U.S.-based supply chain from polysilicon to finished modules.

• Closed the Trina Solar facility acquisition in late 2024, with 2025 focused on scaling operations and navigating policy changes.

• Ownership and management are predominantly American, with over 75% U.S. ownership and a focus on reshoring manufacturing.

Supply chain and partnerships

• Built a coalition of American partners, including Hemlock Semiconductor for polysilicon and Corning for wafers, to support domestic content goals.

• Secured contracts for U.S.-made frames and established offtake agreements, notably with Treaty Oak for 900 MW from G1.

• Current supply chain involves some overseas processing, but by 2027, all steps will be domestic, enhancing traceability and eligibility for incentives.

• Section 232 tariffs could make domestic polysilicon more competitive, further supporting the U.S.-based supply chain strategy.

Commercial progress and financials

• Signed cost-plus and fixed-quantity offtake contracts, including a four-year, one-gigawatt annual deal with Trina Solar US and a three-year, 300 MW/year deal with Treaty Oak.

• Raised over $440 million since October, improved liquidity, and retired significant debt, positioning for G2 financial close.

• G2 construction underway, with plans to complete and ramp by early 2027, targeting $650–$700 million annualized EBITDA at full scale.

• Interim guidance for phase one of G2 and G1 is $300–$400 million EBITDA, with further upside possible depending on market and policy.