T1 Energy (TE) Hits 2-Year High as Analyst Turns Bullish

We recently published 10 Stocks Leaving Wall Street in the Dust; 4 Hit Fresh Records. T1 Energy Inc. (NYSE:TE) was one of the top performers on Tuesday.

T1 Energy soared to an over two-year high on Tuesday, as investors took heart from an analyst’s bullish outlook on its partnership with Nextracker Inc.

At intra-day trading, the stock jumped to a new high of $8.51 before paring gains to finish the session just up by 9.02 percent at $7.86 apiece.

This followed a market report from Zacks Research, saying that T1 Energy Inc.’s (NYSE:TE) multi-gigawatt solar module frame supply agreement with Nextracker Inc. last October would help accelerate the industry’s shift from imported aluminum frames toward US-made, specialty steel alternatives, supporting domestic demand for more durable solar technologies.

Under the agreement, T1 Energy Inc. (NYSE:TE) would use Nextracker’s patented steel module frame technology for its 5 GW solar manufacturing facility in Dallas, Texas.

In other news, T1 Energy Inc. (NYSE:TE) recently implemented a broader restructuring initiative in a bid to comply with US government laws and continue its qualification for the 2026 tax credits.

This followed the amendment of its certificate of incorporation to impose limits on its foreign ownership, repayment of existing debt to a Chinese investor, as well as the removal of the latter’s previous right to appoint a covered officer.

Signed into law last July, the OBBBA restricts companies with excessive foreign ownership from receiving 45X tax credits, particularly those tied to what the US identified as “prohibited foreign entities” such as those from China, North Korea, Russia, and Iran.

Additionally, tax credits received by the eligible companies are not allowed to be sold or transferred to PFEs.

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Disclosure: None. This article is originally published at Insider Monkey.