T1 Energy Inc. saw its stock price climb significantly on Tuesday, reaching a high not seen in over two years. The surge came as investors responded positively to an analyst's optimistic view of the company's collaboration with Nextracker Inc.
During the trading day, the stock hit a peak of $8.51 before settling at $7.86, up 9.02 percent for the session. This movement followed a report from Zacks Research highlighting T1 Energy's supply agreement with Nextracker from last October.
The agreement involves T1 Energy using Nextracker's patented steel module frame technology at its 5 GW solar manufacturing facility in Dallas, Texas. Zacks noted that this partnership could help shift the industry from imported aluminum frames to U.S.-made steel alternatives, boosting demand for more durable solar technologies.
Separately, T1 Energy has undertaken restructuring efforts to align with U.S. government laws and maintain eligibility for 2026 tax credits. These steps included amending its certificate of incorporation to limit foreign ownership, repaying debt to a Chinese investor, and removing that investor's right to appoint a covered officer.
The OBBBA, enacted last July, restricts companies with high foreign ownership from receiving 45X tax credits, especially if tied to entities from countries like China, North Korea, Russia, and Iran. Eligible companies are also barred from selling or transferring these credits to prohibited foreign entities.