Legal & Disputes
T1 Energy Discloses SEC Investigation Into 45X Tax Credit Eligibility as Shares Fall 18.8%
By News Desk ·
Key takeaways
- T1 Energy disclosed in its Form 10-Q that the SEC notified it in September of an investigation into its public disclosures about Section 45X tax credit eligibility and certain other accounting matters.
- T1 Energy shares fell as much as 18.8% on November 13, from $1.97 at the prior close to an intraday low of $1.60.
- T1 Energy said it generated $155.3 million in Section 45X credits through September 30, 2026, and still expects to qualify.
- Block & Leviton is investigating whether T1 Energy committed securities law violations and may file an action to recover investor losses.
T1 Energy Inc. disclosed in its Form 10-Q that the U.S. Securities and Exchange Commission notified it in September of an investigation into its public disclosures about Section 45X tax credit eligibility and certain other accounting matters. GlobeNewswire reported that the disclosure came after the market closed on November 12, and that T1 shares fell as much as 18.8% on November 13, from $1.97 at the prior close to an intraday low of $1.60.
T1 Energy's SEC Investigation and Block & Leviton's Review
T1 Energy is an Austin, Texas-based solar and battery manufacturer listed on the NYSE under the ticker TE. The company said it generated $155.3 million in Section 45X credits through September 30, 2026, still expects to qualify and intends to cooperate fully with the SEC. T1 also said it has reduced the share of its debt held by Trina Solar and ended Trina's right to appoint a covered officer.
Block & Leviton is investigating T1 Energy for potential securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money. The firm began investigating T1 after the company disclosed on July 28 that it had raised projected spending for Phase 1 of its G2_Austin solar-cell facility from $425 million to $510 million and moved its target for first production from before year-end 2026 to the first quarter of 2027. T1 cited labor and materials costs tied to Texas data center construction. The firm is examining whether T1 assured investors the project was on budget and on schedule while those costs were rising. T1 shares closed at $3.72 on July 29, about 24% below their July 27 close of $4.90.
T1 Energy's Capital Raised for G2_Austin
According to akta.pro company records, T1 Energy priced an upsized $160 million public offering of 4.00% convertible senior notes due 2031 in April 2026 to fund the G2_Austin cell fab, bringing 2025-2026 capital raised to about $546 million across multiple tranches. The same records show a $120 million post-IPO debt round in July 2026. T1 Energy's G1_Dallas module plant in Wilmer, Texas, has 5 GW of nameplate solar module production capacity, and its planned G2_Austin cell capacity in Milam County, Texas, is about 5 GW, with a potential 5.3 GW expansion.
Earlier T1 Energy Disclosures
On September 29, 2026, T1 Energy launched a private placement of $50 million 4.75% convertible senior notes due 2031, priced at $50.4 million in gross proceeds, with net proceeds earmarked for the Phase 1 buildout of G2_Austin, The future of trading reported. On October 30, 2026, TradingView reported that T1 Energy signed offtake deals totaling more than 1.58GW of TOPCon solar modules for 2027-2028, with cells from G2_Austin, and that the company had over 4GW of its 2027 capacity under contract. On November 2, 2026, Pv-magazine-usa reported that the White House promoted T1 Energy's Texas solar manufacturing push ahead of a supply chain ruling, with G2_Austin carrying a Phase 1 capital expenditure of more than $500 million and creating 1,500 jobs.
What Comes Next for T1 Energy
T1 Energy said it intends to cooperate fully with the SEC. Block & Leviton said it may file an action to attempt to recover losses on behalf of investors who have lost money.